Daily market news

Gold (XAU/USD) retreats slightly from a fresh all-time peak, around the $4,526 area touched earlier this Wednesday, and trades with a negative bias during the first half of the European session.

West Texas Intermediate (WTI) US Crude Oil prices touch a nearly two-week high, around the $58.55 region on Wednesday, and look to build on the recent recovery from the lowest level since May, touched last week.

Here is what you need to know on Wednesday, December 24:

The EUR/GBP cross trades in negative territory for the fifth consecutive day around 0.8725 during the early European session on Wednesday.

The GBP/USD pair trades in positive territory near 1.3510 during the early European session on Wednesday. The Pound Sterling (GBP) strengthens against the Greenback on expectations that the Bank of England (BoE) will follow a gradual monetary easing path in 2026.  

USD/CAD extends its losses for the third successive session, reaching a five-month low of 1.3675 during the Asian hours on Wednesday. The pair depreciates as the US Dollar (USD) faces challenges amid growing expectations for two rate cuts by the Federal Reserve (Fed) in 2026.

The NZD/USD pair is seen consolidating its strong weekly gains registered over the past two days and holding steady near its highest level since early October, just below mid-0.5800s during the Asian session on Wednesday.

The US Dollar Index (DXY) struggles to find demand on Tuesday, even after strong United States Gross Domestic Product (GDP) Data. The DXY is now trading near the 98.00 price region after touching a three-month low in the Asian trading hours.

USD/JPY trades around 156.40 on Tuesday at the time of writing, down 0.40% on the day. The pair remains under pressure despite a US Dollar (USD) supported by a string of better-than-expected US data, as the move is largely offset by renewed strength in the Japanese Yen (JPY).