Markets End 2025 on a Strong Note as Stocks and Gold Rally - 22.12.2025

The dollar index is steady around 98.61, but the dollar is under mild pressure as investors lean toward riskier assets like stocks, even with U.S. bond yields staying high.

• EUR/USD and GBP/USD are trading higher as the U.S. dollar loses a bit of strength. The euro is approaching 1.1720 mainly because demand for the dollar has softened, while the pound is near 1.3399 as investors factor in expectations that UK inflation may stay elevated, which could keep interest rates higher for longer.
• USD/JPY is trading around 157.31, showing that the yen remains weak despite the Bank of Japan’s recent interest rate hike. Because the currency has not strengthened as expected, Japan’s finance ministry has stepped in verbally, warning markets against rapid or excessive movements in the exchange rate.
• AUD/USD is moving higher near 0.6625 as the Australian dollar benefits from rising commodity prices and improved sentiment in Asian equity markets.

Stronger regional stock performance and demand for raw materials are supporting the currency.

Global stock markets are trading mostly higher, with gains led by a strong rebound in semiconductor and AI-related stocks. Improved investor confidence and continued demand for technology shares are driving the overall positive tone.
In the U.S., the Dow Jones is up around 0.20% near 48,229, supported by steady buying in industrial and financial companies. The Nasdaq is outperforming, rising 1.31% to 23,307, as major technology stocks such as Nvidia continue to attract strong investor interest. The S&P 500 is also higher, up 0.36% at 6,859, and is edging closer to the key psychological level of 7,000.
In Asia, Japan’s Nikkei surged 1.97% to close at 50,484, driven mainly by gains in chip-testing and semiconductor-related companies that benefit from global demand for AI hardware. Hong Kong’s Hang Seng rose 0.20% to 25,751 after China decided to leave its main lending rates unchanged, which helped calm investor concerns. Australia’s ASX 200 climbed 0.53% to 8,667, supported by a rebound in banking shares and strength in mining stocks.

Oil prices are moving higher as geopolitical tensions raise concerns about supply disruptions. Brent crude is up 0.8% at $60.93 a barrel, while U.S. crude (WTI) is trading at $56.98. The gains come after reports that the U.S. Coast Guard has intercepted oil tankers connected to Venezuela, increasing fears that global supply could tighten. These concerns are currently stronger than worries about excess supply and high oil output from Russia.

Bitcoin is trading around $88,765 and is having trouble breaking above the $90,000 level. The price is under pressure due to concerns that some crypto-focused companies could be excluded from major stock indices, along with shifting expectations about U.S. interest rate policy in 2026.
Ethereum is holding above $3,020, which traders see as an important support level. Staying above $3,000 is considered crucial, as a break below that level could lead to a pullback toward the $2,900 area