SHANGHAI, Mar 18 —This is a roundup of global macroeconomic news last night and what is expected today.

The U.S. dollar fell on Thursday and hit its lowest in a week as investors digested the Federal Reserve’s monetary policy outlook a day after the U.S. central bank’s expected interest rate hike, while the euro rose as investors watched developments in Russia-Ukraine talks.

The Fed’s monetary policy turned hawkish with its quarter-percentage-point rate increase Wednesday and projection that the federal funds rate would reach a range of 1.75% to 2% by the end of 2022 and 2.8% next year, but the central bank did not deliver a tougher surprise that some investors might have been expecting.

The dollar index , which measures the greenback’s strength against six trading currencies, was down 0.5% at 97.997 and hit its lowest in a week. The index remains up 2.3% for the year so far.

Stock futures dipped in overnight trading Thursday after a three-day rally for the S&P 500 as the equity benchmark is poised to post its biggest weekly gain in more than a year.

Futures on the Dow Jones Industrial Average fell 120 points. S&P 500 futures were down 0.4% and Nasdaq 100 futures traded 0.3% lower.

Stocks enjoyed a relief rally this week as the Federal Reserve’s decision to tighten policy largely met investor expectations. The S&P 500 has gained for three consecutive days this week, up 4.9%, on track for its best week since November 2020.

The blue-chip Dow is coming off a four-day winning streak, rising 4.7% for the week so far, and is also on pace for its biggest weekly gain since November 2020. The tech-heavy Nasdaq Composite is up 6% this week, headed for its best week since February 2021.

Oil prices climbed over 7% on Thursday after the International Energy Agency (IEA) said three million barrels per day (bpd) of Russian oil and products could be shut in from next month and despite the U.S. Federal Reserve’s decision to raise interest rates.

The supply loss would be far greater than an expected drop in demand of one million bpd triggered by higher fuel prices, the IEA said in a report on Wednesday.

Benchmark Brent crude futures gained $7.47, or 7.6%, to $105.49 a barrel. U.S. West Texas Intermediate (WTI) crude was up $6.85, or 7.2%, to $101.89 a barrel.

Gold rose 1% on Thursday, supported by a retreat in the U.S. dollar and Treasury yields, with investors cautiously watching developments in peace talks between Russia and Ukraine.

Spot gold was up 0.8% to $1,943.30 per ounce by 1:41 p.m. EDT (1741 GMT).

U.S. gold futures settled up 1.8% to $1,943.20 per ounce.

The pan-European Stoxx 600 index closed up 0.4%, with oil and gas stocks adding 2.2%. The U.K. FTSE 100 was the standout gainer with a rise of 1.2%.

The Bank of England on Thursday raised interest rates for the third consecutive meeting and struck a dovish tone as the Russia-Ukraine conflict is expected to keep inflation higher for longer.

The Bank’s Monetary Policy Committee voted 8-1 in favor of a further 0.25 percentage point hike to its main Bank Rate, taking it to 0.75%.