Hubpay FX Weekly Report: 10th December 2024

This week, global markets remained relatively stable despite geopolitical tensions, notably the rapid shift in Syria. While gold and oil prices saw modest gains, currencies across Asia-Pacific showed mixed performances. The US Dollar strengthened, driven by positive economic data, while other currencies like the Renminbi and Australian Dollar faced pressure.

Key Points:

• The US Dollar Index rose 0.4%, ending at 105.9, bolstered by strong consumer sentiment (74.0) and a solid jobs report (237k jobs added).
• The Renminbi weakened for the 10th consecutive week, falling 0.15% to 7.27, amid mixed economic data and deflation concerns.
• The Nigerian Naira appreciated 4.5%, trading at 1587 to the USD, driven by marginal improvement in the country’s PMI.
• The Australian Dollar hit a four-month low, falling 1.8% to 0.638 after disappointing GDP growth data.

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