The U.S. Dollar is trading in tight ranges as market activity starts waning for the last two days of the year.
Without much of a catalyst to move one way or the other, markets are steadying with metals such as silver and gold returning to gains after falling from all-time record high prices. Naturally, equities and other market classes have lost momentum as we head towards a break on Thursday, which makes for an odd start to 2026 on Friday.
European markets overnight had a bit of a surge with the rebound in the prices of metals also aiding mining and excavation companies. Copper remains near its best-ever level as it plays a key role in the manufacturing of tech that is aiding the A.I. boom. Because of the latter, global equities are on track to finish the year with a third annual advance.
Meanwhile, the Chinese Yuan (CNY) has climbed and gone below the exchange of seven renminbi per one dollar for the first time since 2023. We shall see how tensions between the two largest economies play a role in strengthening it further, or if the People’s Bank of China seeks to depreciate its value in order to compete more aggressively in trade. Headlines for the week will focus on progress towards a Russia-Ukraine deal and looking for surprises in today’s FOMC Minutes from the last Fed meeting.
What to Watch This Week…
- Euro-zone CPI, Friday
- US Nonfarm Payrolls, Friday 8:30 AM
- Holiday Hours: 8:30a – 3p EST Wed, Dec 31st | CLOSED Thurs, Jan 1st
- Monex USA Online is always open
