Sie sehen gerade Amillex Daily Market Commentary | Falling inflation and geopolitical risks coexist; US stocks recover, USD fluctuates, gold and silver hit historical peaks, and energy trends upward. 

Amillex Tagesmarktkommentar | Sinkende Inflation und geopolitische Risiken bestehen nebeneinander; US-Aktien erholen sich, der USD schwankt, Gold und Silber erreichen historische Höchststände und die Energiepreise weisen Aufwärtstrends auf. 

December 23, 2025. Yesterday, US stock indices closed higher across the board, though gains were modest. The US Dollar Index remained in a low-level oscillation (within the 98–99 range), while the foreign exchange market showed structural divergence. As market expectations for a gradual easing by the Federal Reserve rise, spot gold and silver prices both hit new historical highs, indicating a rapid flow of capital into precious metals amid expectations of further declines in US dollar yields. Meanwhile, oil prices have shown signs of a recent rebound, driven in part by risk premiums from geopolitical frictions in Venezuela and other regions, fueling a short-term recovery in the energy sector. 

Market Performance and Fundamental Analysis by Asset Class 

1. US Stock Market: Index recovery continues, led by Tech and Finance 

Index Performance:  

  • The Dow Jones Industrial Average rose slightly by 0.47%, with steady performance in the financial and industrial sectors.  
  • The S&P 500 Index gained 0.64%, the strongest performer among the three major indices; it is approaching historical highs and poised for a potential breakout.  
  • The Nasdaq Index up slightly by 0.52%, supported by heavyweight technology stocks.  

Aktienfokus: NVIDIA (NVDA) broke its short-term downward trend, closing at $183.70 with a gain of about 1.5%. Renewed sentiment around the AI theme continues to attract capital inflows.  

Driving Factors: Micron Technology’s strong performance last week and its future guidance have pushed the semiconductor sector higher overall. 

2. Forex Market: USD oscillates at high levels, non-US currencies diverge 

  • The US Dollar Index (DXY) continued to fluctuate with a downward bias but remained largely within the 98–99 range;  
  • EUR/USD is currently oscillating above the 1.17 level, with narrow volatility due to reduced year-end liquidity;  
  • USD/JPY saw a technical rebound, ending its recent losing streak;  
  • GBP/USD remained resilient, briefly rising to nearly 1.348, a two-month high.  

Driving Logic: The US dollar has not yet entered a trend-based decline. While year-end trading volumes often narrow exchange rate ranges, the market is seeing structural divergence as safe-haven assets like gold climb. 

3. Precious Metals and Commodities: Gold and Silver hit new highs; oil prices surge on geopolitical tensions 

Edelmetalle:  

  • Spot gold (XAUUSD) driven by geopolitical risk sentiment, prices surged 2.4% at high levels, strongly refreshing historical peaks.  
  • Spot silver (XAGUSD) also skyrocketed to new historical highs, jumping 2.8% and briefly approaching $70/ounce, outperforming gold.  

Commodities:  

  • WTI crude oil rose over 2%, propelled by supply-side risks.. 

4. Crypto Assets: Continued slight rebound amid recovering risk appetite 

  • Bitcoin (BTC) trading near $90,000, it briefly broke through the psychological barrier with intraday volatility exceeding 2%;  
  • Ethereum (ETH) moved higher in tandem, with volatility remaining at elevated levels. 

5. Today’s Focus 

  • US ADP Employment Report 
  • Canada October GDP (MoM, Seasonally Adjusted) 
  • US Q3 Real GDP (Annualized QoQ, Revision) 
  • US November Core Durable Goods Orders (MoM) 
  • US November Durable Goods Orders (MoM) 
  • US Q3 GDP Price Index (Revision) 
  • US December CB Consumer Confidence 
  • US December Richmond Fed Manufacturing Index