The U.S. Dollar is up against a majority of it’s G10 peers this morning.
Traders are quiet and markets are thin as the U.S. begins to exit its Christmas lull, but with Europe and the United Kingdom remaining closed today for Boxing Day, the real awakening will come on Monday. The Buck is being buoyed this morning by strong equity prices, with the S&P500 trading near its Wednesday all-time high, and precious metal prices.
Gold, silver, and platinum have all jumped to fresh all-time highs to extend a year-end precious metals rally, with gold over $4,530 an ounce and silver over $75 an ounce, with the increased and continued support coming from escalating geopolitical tensions (see Venezuela), and concerns about U.S. Dollar weakness going into 2026.
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JPY ⇓
The Japanese Yen is down more than a quarter of a percent against the Greenback this morning following a CPI print that showed that prices cooling faster than expected. This triggered weakness in the currency as it raises questions regarding when the Bank of Japan might hike rates again, with the most likely scenario currently being June 2026. Elsewhere, PM Takaichi’s government announced that they would be increasing defense spending by 3.8%, to more than JPY 9 Trillion (USD 58 Billion) for the first time ever, in response to heightened geopolitical tensions.
