Aided by the ongoing reopening in China, copper has now retraced half of the 2022 bear market, suggesting a trend reversal.
The euro has rallied 12% since September's low, amid plummeting natural gas prices, hawkish ECB language, and better growth prospects.
The Aussie dollar smashed the 200DMA resistance rising at 4-month highs on the back of improving growth prospects in China.
Copper has trailed behind China's trade openings despite encouraging signs from officials. Share price drops in EVs carmakers might be to blame.
Gold has broken over a critical barrier level indicated by the 50% retracement of the 2022 low-to-high range. Can this pave the path for a 2023 bull market?
The euro strengthened versus the pound as the ECB signalled more aggressive interest rate rises and the beginning of quantitative tightening in 2023.
The European Central Bank hikes rates by 0.5% and announces the start of Quantitative Tightening in March 2023, strengthening the currency but hurting euro-area sovereign bonds.
Oil prices fell as the US dollar strengthened in early trade on Thursday
Bearish fears pressured the S&P 500 index after the Fed hiked interest rates by 50bps points, as anticipated, but warned that further hikes will occur in the next year.
As expected, the Federal Reserve raised interest rates by 50 basis points in December but cautioned that there is more to hike, reviving dollar bullishness.
A day before the final FOMC meeting of the year, lower-than-expected US inflation in November spurred a sell-off in the dollar and a surge in gold.
Silver has rallied 33% in the last two months, but profit taking may emerge as the prospect of a hawkish Fed looms and the technical upside appears stretched.
Following a negative 2022, copper may become an intriguing market in 2023 as China reopens from Covid.
A look ahead at the Australian dollar's price predictions and outlook for 2023, as key macro factors such as China's reopening and Fed's pivot come into play.
UK and allies agreed a $60 price cap on Russian Oil on Friday