Christmas Eve Markets: Thin Liquidity, Clear Trends
Date: 24 December 2025
Market Overview
On Christmas Eve, trading activity persists despite thinner liquidity and lower volatility. The American dollar is notably weak, struggling against other currencies. This week, the dollar has been the weakest major currency, down nearly 8% year-to-date, closely followed by the Japanese yen at around -7.5%. Even positive U.S. GDP data failed to sustain a rally, as sellers quickly re-entered the market.
Equity Markets
Equity indices are exhibiting strong performance, with a generally positive sentiment prevailing. 2025 has been a remarkable year for stock markets, with nearly all major global indices showing solid gains year-to-date. Despite the holiday season's typical slowdown, prices continue to rise steadily, indicating a calm consolidation phase rather than panic selling.
Commodity Markets
Commodity trading is particularly vibrant, with oil prices rebounding by almost 5% this week, suggesting a potential end to the recent bearish trend. Metals are showing exceptional strength, with silver up an impressive 146% year-to-date and gold gaining around 71%. This bullish momentum in the metals market remains strong as the holiday approaches, indicating sustained buyer interest.
Conclusion
As the year draws to a close, market activity may be quieter, but the prevailing trends are clear: a weak dollar, strong equity indices, and robust commodity prices are shaping the trading landscape. Traders should remain aware of these dynamics as they navigate the final days of 2025.