The minutes from the FOMC meeting show that the board is putting more emphasis on the labor market than on inflation, which is why members are currently preferring to take a break. The overall tone is slightly dovish – most members see room for rate cuts if inflation declines as expected. EURUSD strengthens slightly after the publication of the list, while the other main markets do not react more significantly to the slight dovishness. For a number of stock markets in Asia and Europe, today's session was the last of the year. The German DAX cash index has since sent 0.6%, futures have increased by 1% and are trading near historical highs. The JAP225 is gaining strength during the day, although the cash index lost 0.4%. JAP225 is less than 4% from all-time highs. The UK100 is trading at all-time highs and nearing the 10,000 mark. UK trading time will be reduced. US index futures on Wall Street are ending the sell-off from the beginning of the week. The US500 will lose slightly during the day, while the next session on Wall Street will take place as standard. EURUSD was very volatile today. The currency pair continues its downtrend since December 24 and is currently testing the 1.1750 level. December inflation in Spain fell to 2.9% y/y from 3.0% previously, while the market expected a decline to 2.8% y/y. Monthly inflation rose by 0.3% m/m. The Chicago PMI index for December rose to 43.5 points against the expected 40 and the previous 36.3 points. However, it should be noted that this is a very volatile indicator, so such strong growth is not surprising given the improving prospects of the American economy. Oil prices are rising as hopes for peace in Ukraine fade after the Trump-Zelensky meeting and reports of drone attacks on the Russian presidential residence. Brent continues to hold above USD 61, but without a stronger growth momentum. Change in nickel supply: Prices rose 6% today on reports that Indonesia – the world's largest producer – plans to cut output due to a global oversupply. A significant increase in March claims on the COMEX exchange caused a 15% correction in steel prices (from peak to trough) on Monday, however, long-term demand from the photovoltaic and artificial intelligence sectors remains inelastic, which indicates that the destruction of demand is not yet complete. Today, the stock is significantly correcting back a large percentage of the public losses. Natural Gas Volatility: Gas prices rose above $4/MMBtu on the back of strong declines in rates in recent weeks. Although short-term cooling is likely, January should remain relatively warm. In its latest forecast, Goldman Sachs expects the price of gold to rise to USD 4,900, while maintaining a negative outlook for oil.
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