The U.S. dollar hit a two-week high as risk aversion rose, gold broke key support after record highs, oil slid on easing Iran tensions, and GBP weakened following a dovish BoE decision.
Markets saw sharp volatility as gold rebounded violently, the RBA shocked with its first hike in two years, and USD momentum faded amid Fed uncertainty, setting a volatile tone for the week ahead.
Markets opened February with sharp repricing as Kevin Warsh’s Fed nomination lifted the US dollar, crushed gold from record highs, and erased oil’s geopolitical premium amid easing U.S.–Iran tensions.
Gold hit record highs above $5,300 as USD confidence weakened, oil climbed on geopolitical and supply risks, and strong Australian inflation boosted AUD, reshaping global FX and commodity trends.