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The End of the Commodity Surge? – – North American session Market Wrap for December 29

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The End of the Commodity Surge? –  – North American session Market Wrap for December 29 - ExpertFX School

Log in to today's North American session Market wrap for December 29

Traders are slowly filtering back from their winter breaks, greeted by a timid selloff in US equities.

However, the real action shifted away from stocks as the massive frenzy in Metals seen throughout Christmas week took a sharp turn to the downside.

Those who used the holiday rally to book profits timed it perfectly. Today's session delivered a harsh correction, with moves ranging from a 4% drop in Gold to a staggering 15% plunge in Palladium.

Is this a fresh opportunity or the start of a deeper washout?

The End of the Commodity Surge? –  – North American session Market Wrap for December 29 - ExpertFX School
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Market Close Heatmap – Source: TradingView – December 29, 2025

A calm but broadly green Heatmap for the Christmas Week opening!

Cross-Assets Daily Performance

The End of the Commodity Surge? –  – North American session Market Wrap for December 29 - ExpertFX School
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Cross-Asset Daily Performance, December 29, 2025 – Source: TradingView

A picture of today's performance for major currencies

The End of the Commodity Surge? –  – North American session Market Wrap for December 29 - ExpertFX School
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Currency Performance, December 29 – Source: OANDA Labs

A look at Economic data releasing throughout this evening and tomorrow's sessions

The End of the Commodity Surge? –  – North American session Market Wrap for December 29 - ExpertFX School
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For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

The trading year is winding down, but Tuesday's session and the final hours of 2025 still hold a few high-impact cards before the New Year's transition.

Keep an eye on some of these two final US events for the year.

  • FOMC Meeting Minutes (14:00 ET): This is a market-volatility classic. These minutes provide a detailed record of the Fed's policy-setting meeting from three weeks ago. Traders will be hunting for clues on the future interest rate path, especially as policymakers are reportedly split on where rates should go in 2026.
  • Chicago PMI (09:45 ET / 14:45 GMT): A critical check on the manufacturing sector. The consensus is set at 39.6 (up from a dismal 36.3 previously). While any reading below 50 indicates contraction, a beat here would suggest the industrial downturn in the region is at least stabilizing.

Safe Trades and Happy New Year!

Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2025 OANDA Business Information & Services Inc.

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