The dollar briefly slumped on the news that Russia was withdrawing from the west side of the Dnipro river.
That's great news for Ukraine but predicting the course of war is difficult and the market is more focused on inflation and economic weakness. Facebook announced 11,000 layoffs today as part of a parade of tech job cuts.
AUD/USD is now trading at session lows, down 66 pips to 0.6438.
