MarketPulse by OANDA Group

Oil rallies to $65 from the latest new: Iran-US talks cancelled.

The European Central Bank (ECB) is widely expected to hold key interest rates steady.

For metal maximalists, this confirms a long-held thesis. Decades of high deficits create predictable capital flows and supply shortages, which are now driving prices to daily records.

This is precisely what happens when technicals align with changing fundamentals. As noted in our pre-Greenland chaos Analysis, the Dollar Index was already showing signs of imminent technical weakness.

But away from the traditional Christmas Stock Market trading, Metals trade around global exchanges on a different set of fundamentals.

Stock markets around the world are rising as investors feel optimistic about a strong finish to the year, encouraged by recent gains in the US.

The Non-Farm Payrolls (NFP) report, which comes out on December 16, 2025, is the first full look at the US job market since September, and it will be a crucial factor in determining the Federal Reserve's (Fed) strategy for interest rates throughout 2026.

Despite a rough monthly open, the US Dollar is currently trading within a key technical range, a factor that holds FX Markets firmly in balance despite some individual breakouts seen in pairs like NZD/USD or GBP/USD.

Catalysts for movements in the US Dollar have been confusing all types of Market Participants.