Last week, global stock markets continued to fall amid ongoing to global growth fears. EUR/USD was decreased by 1% despite hawkish comments from European Central Bank (ECB) chair Christine Lagarde said that interest rate hike in July. After ECB members made a U-turn, the market no longer expect more gain for USD, which was (DXY index) up more than 15% year over year. If ECB intent on raising interest rates to combat inflation, EUR start to appreciate for the short term. Nevertheless, Europe is the most vulnerable economic due to dependency on Russian energy, unlike US, over the medium term.