Traders are waiting to see if any decline in the dollar will be sustained, or it's just another blip before more upward movement. The factors that boosted the greenback- elevated inflation and a hawkish Federal Reserve- are still in play.

- A slew of Fed officials reiterated this week that the central bank is set to keep raising rates sharply this year, as it struggles to combat inflation reaching a 40-year peak.

- The European Union proposed a new round of sanctions against Russia over its invasion of Ukraine, including tighter trade restrictions, more individual black listings and an oil price cap.

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Equities:

- Wall Street staged a partial comeback on Wednesday with stocks surging around 2%.

- Weighing on growth stocks was Apple Inc (NASDAQ:AAPL), which was down about 1.3% on a report the tech company was dropping its plans to boost production of the latest model of its flagship “iPhone”.

- Wall Street's rebound gained momentum over the day, with the S&P 500 Index up about 1.97% % to 3,719.03 after it fell to a two year low on Tuesday. The Dow Jones Industrial Average also gained 1.71% % to 29,693 and the Nasdaq Composite was up about 1.68% % to 11,479.

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Currency Market:

- The U.S. dollar resumed its seemingly relentless march higher. The Dollar Index rose 0.8% to 113.438, rebounding close to its recent two-decade high of 114.653 after its worst session in more than two years.

- EUR/USD fell 0.7% to 0.9667, as the U.S. dollar regained its footing after the previous session’s losses. The British currency jumped the most since mid-June as a result, but this bounce hasn’t lasted long, with GBP/USD dropping 0.9% to 1.0787.

- USD/JPY rose 0.4% to 144.69, remaining near the crucial 145 level, while AUD/USD fell 0.9% to 0.6466, after a new monthly measure of Australian consumer prices on Thursday showed annual inflation eased slightly in August from July. USD/CNY slipped slightly to 7.1983.

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Commodities: Gold:

- Gold prices fell slightly after recovering sharply from multi-year lows, as markets remained wary of another resurgence in the dollar and Treasury yields.

- Spot gold prices fell 0.4% to $1,641.48 an ounce, while gold futures fell 0.3% to $1,664.35 an ounce.

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Commodities: Oil:

- Oil prices fell after gaining more than $3 in the prior session, with a strong dollar capping oil demand and concerns over the faltering global economic outlook clouding market sentiment.

- Brent crude futures fell 1%, to $88.41 per barrel, while WTI crude futures dropped by 1%, to $81.33 per barrel.
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