Global financial markets had a volatile week at the beginning of December. Risk appetite declined in the first half of the past trading week amid geopolitical concerns, forcing major stock indices to retreat from all-time highs. The U.S. Dollar was sliding versus majors as well.

The U.S. dollar was flat versus major currencies in the foreign exchange this past week as the Thanksgiving Day holiday had traders in quiet mode. The 10-year Treasury yields finished the trading week almost unchanged, while major stock indices set another all-time high in low-volume trading.

Most of the currency pairs remained in tight ranges in the FX market this past week. The U.S. dollar printed slight gains versus its major peers.

The U.S. dollar gained strength versus all major currencies this past week. As far as the distribution of the greenback’s demand, it was smooth among its peers. I decided to have a closer look at the U.S. dollar index to identify medium- and short-term technical sentiment as many traders are trying to gain a grasp on this.

The economic calendar was full of crucial events for the financial markets this past week. FOMC, Bank of Canada and Bank of Japan were driving the markets from the monetary policy side of things.

The FX market was drifting this past week as major currency pairs were stuck in tight ranges. However, interesting events happened in other asset classes in the financial markets. U.S. equities have reached all-time highs again, getting background for the historical breakout.

The greenback dropped versus most of its peers last week. The U.S. dollar index – which measures the greenback’s strength versus the volume-weighted basket of six major currencies declined -1.21% to a 10-week low, charting the largest weekly loss since mid-June this year.

The past trading week brought many surprises and sudden rallies in the Forex market. The British Pound charted the best weekly candlestick in 14 months amid Brexit optimism, U.S. stock indices recovered mid-week losses on the back of trade talks with China, and Oil prices soared after a missile attack on Iranian tanker in the Middle East.