Finally, the recent steep leg lower in the US Dollar (USD) has found some respite.

The EUR/USD pair lost additional ground in the first week of February, settling at around 1.1820. The reversal lost momentum after the pair peaked at 1.2082 in January, its highest since mid-2021.

The Pound Sterling (GBP) changed course against the US Dollar (USD), with GBP/USD giving up nearly 200 pips in a dramatic correction.

After losing more than 8% to end the previous week, Gold (XAU/USD) remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000.

Precious metals continue to consolidate following their burst bubble, while the Australian Dollar and Japanese Yen are the two most interesting major currencies in the Forex market, as dinosaur stocks take their turn to shine.

The EUR/USD finished Friday’s trading near 1.18141, which was above lows seen earlier in the day near 1.17665, but well below highs produced last Monday near the 1.18750 vicinity.