The US Dollar suffered heavy selling last week, after soft inflation data that came against expectations.
Despite the tone used by FED chairman Powell during the latest FOMC press conference, after raising interest rates by 75bps to reach highest since 2008, investors are actively looking for changes in monetary policy path to drive their investment decisions.
As we approach the end of the year, USD was vulnerable to profit taking after a very strong bull run.
From a technical standpoint, the US Dollar uptrend remains intact, and the recent drop is likely to be considered as a temporary pause in the existing trend.
Looking now at the current price action for the major currency pairs alongside gold.