The US dollar stood strong on Monday following last week’s massive decline as Federal Reserve Governor Christopher Waller said that the central bank was not easing its fight against inflation.

A softer-than-expected inflation report on Thursday sent the greenback on a tailspin, with the dollar index falling 3.6% over two sessions last week, its biggest two-day percentage loss since March 2009.

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Global stock markets surged as investors poured into risky assets amid hopes that peaking inflation means less aggressive interest rate hikes from the Fed.

On Sunday, Waller said that the inflation data last week was “just one data point” that would have to be followed with other similar reports to show convincingly that inflation is cooling. However, he added that the Fed could now start thinking about hiking at a slower pace.

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US consumer sentiment declined in November, pulled down by continuous fears about inflation and higher borrowing costs, a survey showed on Friday.

The US two-year yield, which often tracks Fed action, jumped to 4.41%, after falling as low as 4.29% on Friday.

Cryptocurrencies remained under pressure from the ongoing turmoil in the crypto industry after the collapse of the crypto exchange FTX. FTX’s native token, FTT, was last down 29.27% at $1.32, taking its month-to-date losses to nearly 95%.

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Bitcoin fell over 1% in the past 24 hours to 1.13%.

The Japanese yen slipped 0.24% against the greenback to 139.12 per dollar, having increased 5.4% last week against the dollar. The euro was last down 0.2% at $1.0331.

Sterling was last quoting at $1.1798, down 0.31% on Monday ahead of the British Chancellor’s Autumn Statement on Thursday where he is expected to announce tax hikes and spending cuts.

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The US dollar index was up 0.55% at 106.87, not far off Friday’s low of 106.27.

The offshore Chinese yuan slipped 0.23% against the US dollar to stand at 7.0723 per dollar on Monday. The yuan strengthened on Friday after Chinese health authorities eased some of the country’s heavy COVID-19 curbs.

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Chinese regulators have directed financial institutions to extend more support to real estate developers to shore up the country’s struggling real estate sector.