The first quarter of 2022 ended with the US dollar, Australian dollar and Canadian dollar as standout performers while the Turkish Lira, Russian Ruble, Japanese Yen and the Euro were among the wors.
The first quarter was quite eventful for Wall Street, but the war in Eastern Europe was clearly a standout. Geopolitical tensions rattled financial markets, weighed on equities, and sparked a commo.
AUD/USD may continue to retrace the decline from last year as the exchange rate is on the cusp of testing the October high (0.7556), but the diverging paths for monetary policy may curb the bullish.
The US Dollar posed a mild pullback this morning on another 40-year high print from CPI. But USD bulls were standing at the ready to pounce on the move.