EUR/GBP lost 1.2% in the previous session. The euro fell following the ECB’s unscheduled meeting, in which the central bank sought to address concerns that the region is on the brink of another debt crisis.

The Nasdaq has had a volatile week, falling over 4.5% so far this week. The tech-heavy index fell sharply at the start of the week after the markets started pricing in a 75 basis point rate hike from the Fed, following hotter-than-expected consumer price inflation.

GBP/USD tumbled over 1.1% in the previous session to a 2022 low after UK GDP unexpectedly contracted in April on a monthly basis. A significant reduction in the Test and Trace service, in addition to falling manufacturing, owing to supply chain disruptions, hit the economy.

The FTSE fell 2.8% across the previous week as stagflation fears sank the market. The OECD warned that the UK would see the weakest economic growth of the G7 major economies.

Gold inched lower in the previous session ad is falling further today, pulled lower by rising treasury yields as the market looks toward US inflation data. US CPI inflation could provide the market with further clues as to how aggressively the Federal Reserve is likely to tighten monetary policy.

EUR/GBP rose yesterday, snapping a two-day losing run. The euro was boosted by stronger than expected economic growth in the first three months of the year. Meanwhile, the pound came under pressure after the OECD reported that the UK would see the slowest growth of developed countries, with growth then stalling next year.

USD/JPY trades at a 20-year high of over 133.00, boosted by central bank divergence. The RBA hiking rates by a larger than expected 50 basis points highlighted how dovish the BoJ is compared to most other major central banks, pulling the yen lower.

The FTSE closed over 1% higher in the previous session as investors shrugged off news that Prime Minister Boris Johnson would face a vote no confidence and instead pushed stocks higher amid an upbeat market mood.

AUDUSD rallied 0.6% last week marking a third consecutive week of gains, taking the price to a six-week high.

USDJPY rose 1.1% in the previous session, marking the third straight day of gains. The USD rose on hawkish Fed bets after US ISM manufacturing PMI unexpectedly rose to 56.1 in May, upwardly revised from 54.5.

Oil prices have been on a rollercoaster ride over the past 36 hours. Oil prices jumped to a two-month high after EU leaders approved the banning of around 90% of Russian oil imports. The deal was watered down from the original proposal in order for Hungary to get onboard but is still expected to have an impact.