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A tidal wave of high-grade supply from Guinea’s Simandou project threatens to crush iron ore prices in 2025. With Chinese port inventories near record highs and global steel output faltering, the $100 iron ore era looks increasingly shaky. Bears have waited years for fundamentals to reassert themselves; next year could finally be their moment.

Gold defended support for a sixth week with the January opening-range taking shape just above. Battle lines drawn on the XAU/USD weekly technical chart.

EUR/USD is opening 2025 with a fresh two-year-low as sellers extend the bearish trend that started earlier this week. Parity is an obvious point of interest but there’s a big spot of possible support along the way at the 1.0200 handle.

It was a brutal Q4 for EUR/USD as the pair had its most bearish quarterly outlay since Q3 of 2022. But – that prior instance marked a key low and the final month of Q4 showed a higher-low in the pair.

Divergent monetary policies between the ECB and BOJ alongside trade wars and demand for safety could make things tricky for EUR/JPY bulls in 2025.

During the final part of Q4 2024, WTI has remained within the $70 per barrel zone, fiercely resisting movements below this critical support.

See a technical preview of our 2025 Gold Outlook!

EUR/USD appears to be defending the yearly low (1.0333) as it rebounds from a fresh monthly low (1.0343).

USD/JPY surged post-FOMC with the bulls charging towards a major pivot-zone at uptrend resistance. Battle lines drawn on the USD/JPY weekly technical chart.

EUR/USD has carved out a narrow range between 1.0470 and 1.0600 and unless the Fed delivers a meaningful surprise of some sort, that range may carry over.

Not only are traders increasingly long the US dollar, they are also piling into short EUR/USD bets. And that could pave the way for a sub-parity euro next year.

Crude Oil Week Ahead: After OPEC’s fifth downward revision for 2024 oil forecasts and additional cuts for 2025, crude oil prices stabilized near their 4-year support zone, buoyed by China’s stimulus commitments and significant Middle East reforms. Will it hold on FOMC week?

EUR/USD attempts to halt a five-day selloff as it recovers from a fresh monthly low (1.0453).

The EUR/USD managed to bounce back to the $1.05 area after testing liquidity below this month’s earlier low of 1.0460 this morning, where traders apparently took profit after a 5-day losing run. The EUR/USD outlook remains negative, however, even if ECB President Christine Lagarde was not as dovish as some might have expected given the political and economic situations in the Eurozone.

Euro is poised to mark a fifth daily decline with EUR/USD trading back into support at the monthly range lows. Battlelines drawn on the short-term technical charts.