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[MARKET ANALYSIS] DXY holds a modest upward bias amid a tame start to 2026

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[MARKET ANALYSIS] A softer start for fixed benchmarks, though they are off lows across the board

North Sea Buzzard oil field recommenced production on 1st January 2026, according to CNOOC

[MARKET ANALYSIS] DXY holds a modest upward bias amid a tame start to 2026

UK S&P Global Manufacturing PMI (Dec) 50.6 vs. Exp. 51.2 (Prev. 51.2)

Iranian Advisor Larijani says the US should know that interference in the Iranian protesting issue would be equivalent to chaos across the entire region

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  • DXY resides closer to the upper end of a tight 98.145-98.424 in early European hours, following a rather subdued APAC session. 2025 proved a tough year for the index, which saw its sharpest annual drop in eight years, whilst most majors rallied. The JPY saw gains of under 1% over 2025, in a year rattled by political instability, fiscal woes, BoJ hawkish bias and haven flows. Antiopodeans saw the AUD climb nearly 8% over 2025 (best since 2020) and the NZD gained almost 3% to snap a three-year losing streak. The EUR was up 13.5% in 2025 and GBP +7.7% (both their strongest yearly gains since 2017).
  • In terms of today's trade, price action has been relatively muted as volume returns to the market from the holiday period. AUD and NZD outperform amid the broader risk-on sentiment, with the AUD also underpinned by a rebound in gold amid a myriad of geopolitical factors, including US President Trump's warning to Iran this morning that the US is "locked and loaded and ready" to rescue peaceful protesters if Iran opens fire on them. Elsewhere, JPY is flat in a narrow 156.77-157.00 intraday range. Meanwhile, EUR and GBP saw little immediate move from their respective final Manufacturing PMIs.

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