{"id":3498,"date":"2025-12-31T14:37:24","date_gmt":"2025-12-31T03:37:24","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3498"},"modified":"2025-12-31T14:37:26","modified_gmt":"2025-12-31T03:37:26","slug":"amillex-daily-market-commentary-market-enters-holiday-mode-risk-assets-close-cautiously-precious-metals-diverge-amid-liquidity-crunch","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/ja\/2025\/12\/31\/amillex-daily-market-commentary-market-enters-holiday-mode-risk-assets-close-cautiously-precious-metals-diverge-amid-liquidity-crunch\/","title":{"rendered":"\u30a2\u30df\u30ec\u30c3\u30af\u30b9\u65e5\u520a\u5e02\u5834\u89e3\u8aac | \u5e02\u5834\u306f\u4f11\u6687\u30e2\u30fc\u30c9\u3078\uff1a\u30ea\u30b9\u30af\u8cc7\u7523\u306f\u614e\u91cd\u306b\u53d6\u5f15\u7d42\u4e86\u3001\u6d41\u52d5\u6027\u5371\u6a5f\u306e\u4e2d\u8cb4\u91d1\u5c5e\u306f\u4e56\u96e2\u00a0"},"content":{"rendered":"<p class=\"has-medium-font-size\"><strong>2025\u5e7412\u670831\u65e5\u3002&nbsp;<\/strong>2025\u5e74\u306e\u5927\u5f15\u3051\u304c\u8fd1\u3065\u304f\u306b\u3064\u308c\u3001\u4e16\u754c\u306e\u5e02\u5834\u306f\u5b8c\u5168\u306b\u300c\u30db\u30ea\u30c7\u30fc\u30e2\u30fc\u30c9\u300d\u3078\u3068\u79fb\u884c\u3057\u307e\u3057\u305f\u3002\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u53d6\u5f15\u306f\u307b\u307c\u505c\u6b62\u72b6\u614b\u3068\u306a\u308a\u3001\u5e02\u5834\u306e\u8a71\u984c\u306f\u30de\u30af\u30ed\u7d4c\u6e08\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u304b\u3089\u30c6\u30af\u30cb\u30ab\u30eb\u306a\u30dd\u30b8\u30b7\u30e7\u30f3\u8abf\u6574\u3068\u30de\u30fc\u30b8\u30f3\u4e3b\u5c0e\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3078\u3068\u79fb\u3063\u3066\u3044\u307e\u3059\u3002\u682a\u5f0f\u5e02\u5834\u306f\u5e74\u672b\u306e\u5229\u76ca\u78ba\u5b9a\u58f2\u308a\u306b\u3088\u308b\u7de9\u3084\u304b\u306a\u5727\u529b\u306b\u3055\u3089\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u6d41\u52d5\u6027\u304c\u4f4e\u3044\u74b0\u5883\u4e0b\u3067\u6fc0\u3057\u3044\u30ec\u30d0\u30ec\u30c3\u30b8\u89e3\u6d88\u5c40\u9762\u3092\u8010\u3048\u629c\u3044\u305f\u8cb4\u91d1\u5c5e\u5e02\u5834\u304c\u6ce8\u76ee\u3092\u96c6\u3081\u3066\u3044\u307e\u3059\u3002\u7c73\u30c9\u30eb\u6307\u6570\u306f\u30ec\u30f3\u30b8\u5185\u3067\u306e\u63a8\u79fb\u3092\u7dad\u6301\u3057\u3001\u5e02\u5834\u306e\u4e2d\u6838\u7684\u306a\u4e89\u70b9\u306f\u30de\u30af\u30ed\u7d4c\u6e08\u6307\u6a19\u304b\u3089\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u3001\u30de\u30fc\u30b8\u30f3\u3001\u305d\u3057\u3066\u5e74\u672b\u306e\u8cc7\u91d1\u914d\u5206\u3078\u3068\u79fb\u884c\u3057\u307e\u3057\u305f\u3002&nbsp;<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>\u8cc7\u7523\u30af\u30e9\u30b9\u5225\u306e\u5e02\u5834\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3068\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u5206\u6790<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>1. \u7c73\u56fd\u682a\u5f0f\u5e02\u5834<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9:<\/strong>&nbsp;\u7c73\u56fd\u4e3b\u89813\u6307\u6570\u306f\u7dcf\u3058\u3066\u5f31\u542b\u307f\u3067\u3001\u30c0\u30a6\u5e73\u5747\u682a\u4fa1\u3001S&amp;P 500\u3001\u30ca\u30b9\u30c0\u30c3\u30af\u306f\u3044\u305a\u308c\u3082\u5c0f\u5e45\u5b89\u3067\u5f15\u3051\u307e\u3057\u305f\u3002\u5e02\u5834\u306b\u306f\u660e\u78ba\u306a\u30c6\u30fc\u30de\u304c\u6b20\u3051\u3066\u304a\u308a\u3001\u53d6\u5f15\u91cf\u306f\u901a\u5e38\u3088\u308a\u5927\u5e45\u306b\u6e1b\u5c11\u3057\u3066\u304a\u308a\u3001\u5e74\u672b\u7279\u6709\u306e\u52d5\u304d\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002&nbsp;<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\"><strong>2. \u5916\u56fd\u70ba\u66ff\u5e02\u5834:<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">\u7c73\u30c9\u30eb\u6307\u6570\uff08DXY\uff09\u306f\u308f\u305a\u304b\u306b\u4e0a\u6607\u3057\u305f\u3082\u306e\u306e\u3001\u30c8\u30ec\u30f3\u30c9\u3092\u7a81\u7834\u3067\u304d\u305a\u3001\u5f37\u3044\u69d8\u5b50\u898b\u30e0\u30fc\u30c9\u3092\u53cd\u6620\u3057\u3066\u3044\u308b\u3002\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">EUR\/USD\u306f\u65b0\u305f\u306a\u304d\u3063\u304b\u3051\u304c\u306a\u304f1.17\u3092\u4e0a\u56de\u3063\u3066\u5909\u52d5\u3057\u305f\u3002\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">USD\/JPY\u306f156\uff5e157\u306e\u7bc4\u56f2\u3067\u306e\u63a8\u79fb\u3092\u7dad\u6301\u3057\u3001\u4e0b\u843d\u306e\u52e2\u3044\u306f\u9650\u5b9a\u7684\u306a\u304c\u3089\u9ad8\u5024\u304b\u3089\u4e0b\u843d\u3057\u305f\u3002\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">GBP\/USD \u306f\u6bd4\u8f03\u7684\u5805\u8abf\u3067\u3001\u30e6\u30fc\u30ed\u3088\u308a\u308f\u305a\u304b\u306b\u597d\u8abf\u3067\u3057\u305f\u304c\u3001\u540c\u69d8\u306b\u4f11\u65e5\u306e\u6d41\u52d5\u6027\u306b\u3088\u3063\u3066\u5236\u9650\u3055\u308c\u307e\u3057\u305f\u3002\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u63a8\u9032\u8981\u56e0:<\/strong>&nbsp;FX\u5e02\u5834\u306f\u5178\u578b\u7684\u306a\u300c\u5e74\u672b\u306e\u7d71\u5408\u30d5\u30a7\u30fc\u30ba\u300d\u306b\u5165\u308a\u3001\u77ed\u671f\u7684\u306a\u52d5\u304d\u306f\u30c8\u30ec\u30f3\u30c9\u53d6\u5f15\u306e\u7a93\u53e3\u3068\u3044\u3046\u3088\u308a\u306f\u6280\u8853\u7684\u306a\u5909\u52d5\u304c\u4e2d\u5fc3\u3068\u306a\u3063\u3066\u3044\u308b\u3002&nbsp;<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\"><strong>3. \u8cb4\u91d1\u5c5e\u304a\u3088\u3073\u5546\u54c1<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u8cb4\u91d1\u5c5e:&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">\u30b9\u30dd\u30c3\u30c8\u91d1\uff08XAUUSD\uff09\uff1a\u77ed\u671f\u7684\u306a\u5727\u529b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u6b74\u53f2\u7684\u306a\u9ad8\u5024\u570f\u5185\u3067\u306e\u53d6\u5f15\u304c\u7d99\u7d9a\u3057\u3066\u304a\u308a\u3001\u4e2d\u9577\u671f\u7684\u306a\u5f37\u6c17\u69cb\u9020\u304c\u640d\u306a\u308f\u308c\u3066\u3044\u306a\u3044\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">\u30b9\u30dd\u30c3\u30c8\u9280\uff08XAGUSD\uff09\uff1a\u524d\u65e5\u306e\u6025\u843d\u5f8c\u3001\u9280\u306f\u30c6\u30af\u30cb\u30ab\u30eb\u7684\u306b\u529b\u5f37\u3044\u53cd\u767a\u3092\u898b\u305b\u30019%\u3092\u8d85\u3048\u3066$78\/oz\u4ed8\u8fd1\u307e\u3067\u4e0a\u6607\u3057\u307e\u3057\u305f\uff08\u58f2\u308a\u5727\u529b\u5f8c\u306e\u5b89\u5024\u304b\u3089\u5f53\u65e5\u306e\u9ad8\u5024\u307e\u3067\u53cd\u767a\uff09\u3002\u3053\u306e\u300c\u6025\u843d\u5f8c\u306e\u6025\u9a30\u300d\u306f\u3001\u300c\u8a3c\u62e0\u91d1\u8abf\u6574 \u2192 \u5f37\u5236\u6c7a\u6e08 \u2192 \u9006\u6307\u5024\u8cb7\u3044\uff0f\u5e95\u5024\u91e3\u308a\u300d\u306e\u5178\u578b\u7684\u306a\u5146\u5019\u3067\u3059\u3002\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u30b3\u30a2\u30c9\u30e9\u30a4\u30d0\u30fc:<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">\u3053\u308c\u307e\u3067\u306e\u300c\u30b9\u30af\u30a4\u30fc\u30ba\u578b\u300d\u306e\u4e0a\u6607\u3067\u306f\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u9ad8\u3044\u30ed\u30f3\u30b0\u304c\u5927\u91cf\u306b\u84c4\u7a4d\u3055\u308c\u307e\u3057\u305f\u3002\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">\u5e74\u672b\u306e\u6d41\u52d5\u6027\u306e\u4f4e\u4e0b\u306b\u3088\u308a\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u96c6\u4e2d\u7684\u306a\u6c7a\u6e08\u304c\u62e1\u5927\u3057\u307e\u3057\u305f\u3002\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">\u70ba\u66ff\u8a3c\u62e0\u91d1\u306e\u5897\u52a0\u3068\u30ea\u30b9\u30af\u7ba1\u7406\u8981\u4ef6\u306e\u5897\u52a0\u306b\u3088\u308a\u3001\u53d7\u52d5\u7684\u306a\u8ca0\u50b5\u524a\u6e1b\u304c\u5f15\u304d\u8d77\u3053\u3055\u308c\u307e\u3057\u305f\u3002\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u5546\u54c1:&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">WTI\u539f\u6cb9\u306f1\u30d0\u30ec\u30eb\u3042\u305f\u308a$58\u524d\u5f8c\u3067\u63a8\u79fb\u3057\u307e\u3057\u305f\u3002\u3053\u306e\u50be\u5411\u306f\u6bd4\u8f03\u7684\u5b89\u5b9a\u3057\u3066\u304a\u308a\u3001\u30a8\u30cd\u30eb\u30ae\u30fc\u30bb\u30af\u30bf\u30fc\u306e\u5b89\u5b9a\u8981\u56e0\u3068\u3057\u3066\u6a5f\u80fd\u3057\u3066\u3044\u307e\u3059\u3002\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\"><strong>5. \u4eca\u65e5\u306e\u7126\u70b9<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">12\u6708\u306eFOMC\u4f1a\u8b70\u8b70\u4e8b\u9332\u3002\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list has-medium-font-size\">\n<li class=\"has-medium-font-size\">12\u6708\u306e\u4e2d\u56fd\u88fd\u9020\u696dPMI\u3002\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-medium-font-size\">12\u670827\u65e5\u307e\u3067\u306e\u9031\u306e\u7c73\u56fd\u65b0\u898f\u5931\u696d\u4fdd\u967a\u7533\u8acb\u4ef6\u6570\u3002\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>","protected":false},"excerpt":{"rendered":"<p>December&nbsp;31, 2025.&nbsp;As we approach the final closing bell of 2025, the global markets have fully transitioned into &#8220;Holiday Mode.&#8221; With institutional desks&nbsp;largely sidelined, the narrative has&nbsp;shifted away&nbsp;from macro fundamentals toward technical position squaring and margin-driven volatility. While equities&nbsp;remain&nbsp;under mild pressure from year-end profit-taking, the precious&nbsp;metals&nbsp;complex has stolen the spotlight, enduring a violent deleveraging event in a thin liquidity environment.&nbsp;The US Dollar Index&nbsp;maintained&nbsp;range-bound consolidation, as the core market conflict shifted from macro data to positioning, margins, and year-end fund allocations.&nbsp; Market Performance and Fundamental Analysis by Asset Class&nbsp; 1.&nbsp;US Stock Market&nbsp; Index Performance:&nbsp;The three major U.S. indices were&nbsp;generally weak, with the Dow, S&amp;P 500, and Nasdaq all closing slightly lower. 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