Fearing worse than stagflation

The US Dollar found some near-term demand following the release of the FOMC meeting minutes, with the EUR/USD pair currently piercing the 1.1750 threshold. The document showed officials are still willing to trim interest rates. Meanwhile, thinned holiday trading keeps major pairs confined to familiar levels.

The GBP/USD lost traction early in the American session, maintaining the sour tone and trading around 1.3460 following the release of the FOMC meeting minutes. Trading conditions remain thin ahead of the New Year holiday, limiting the pair's volatility.

Gold price got to recover some modest ground on Tuesday, holding on to intraday gains and changing hands at $4,360 a troy ounce in the American afternoon. The bright metal showed no reaction to the release of the FOMC December meeting minutes.

Ethereum (ETH) held the $2,900 level despite seeing increased selling pressure over the past week. The Exchange Netflow metric showed deposits outweighed withdrawals by about 400K ETH. The high value suggests rising selling activity amid the holiday season.

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).