The US dollar on Friday is set to post its biggest annual gain in seven years on the last trading day of 2022, which has been headed by the aggressive rate hikes from the Federal Reserve and concerns over a steep downturn in the global economy.
The US dollar index has gained more than 8% against its peers this year, marking its biggest surge since 2015, with the Fed’s rate increases maintaining the greenback’s strength for most of that year, although expectations for a slowdown in rate hikes have led the dollar to take a breather.
Stock trading started the year on a mixed note on Monday, with European equities rising after a lackluster session for a few Asian stocks that traded during the New Year, while markets in the US were closed for the holidays.
After the S&P 500 finished its worst year since 2008 with a total loss of 19.4%, Germany’s DAX added 0.5% in Monday’s early trading, and France’s CAC 40 index was up 0.7%, while South Korea’s KOSPI slipped 0.5% and India’s BSE Sensex index climbed 0.4%.
US natural gas futures fell to a ten-month low on Tuesday as trading remained volatile this year on expectations for warmer weather and less heating demand in January.
February contract front-month gas futures slipped 10.9% or $0.48 to $3.98 per million British thermal units (mmBtu), their lowest close since Feb. 11, and was the contract’s fourth straight drop as well as the biggest daily percentage decline since Dec. 19, when it posted losses of 11.4%.
Wednesday, Jan. 4: French Inflation Unexpectedly Slows in December
Inflation in France unexpectedly declined in December due to slower price growth in energy and services, mirroring a slide in headline consumer prices in Germany earlier in the week and reinforcing easing price pressure in the euro area.
The French National Institute of Statistics and Economic Studies (INSEE) said the country’s preliminary European Union (EU) harmonized inflation was down to 6.7% in the previous month from 7.1% in November, the first time that price growth eased in France since September.
The US Securities and Exchange Commission (SEC) has filed a limited objection to cryptocurrency exchange Binance.US’s plans to buy bankrupt crypto brokerage Voyager Digital Ltd. in a $1.02-billion deal, citing insufficient details.
The SEC stated that the acquisition agreement does not have enough information about the ability of Binance.com’s defacto subsidiary to fund and complete the transaction, requiring further disclosure about what Binance.US’s operations would be after the deal and how clients’ assets will be secured.
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