Commodities rage higher from the US Dollar drop – North American session Market Wrap for December 22

[Ben Graham]

Log in to today's North American session Market wrap for December 22

Today marked a significant turn in the US Dollar, which took a substantial hit across the board.

All FX majors have outperformed the dollar while all commodities have pushed higher.

US Oil continues its path higher after attaining new 2025 lows just last week, dragging other petroleum-linked products with it.

There are some signs of rising tensions between Iran and Israel as of late, with Iran doing some ballistic missile tests, which isn't too trivial and undoubtedly contributing to the rally in Black Gold.

Natural gas, on the other hand, is taking a hit, finishing the session down 2.30%, even as WTI closes up 1.40%.

Metals have also rallied quite extensively, with Gold and Silver reaching new all-time highs, Platinum continuing to extend its lead and Palladium entering the chat.

It could potentially be year-end trading flows, as many traders aim to close their positions to spend time with loved ones and take a break from the charts.

Keep a close eye on Christmas week trading, which can be chaotic due to the lack of participants. It can offer quite some distortions, which can either be traps or opportunities. This question is eternal among market participants.

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Market Close Heatmap – Source: TradingView – December 22, 2025

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

Read More:

• Palladium (XPD/USD) on Track for $2,000 as Metals Rally Extends – Price Outlook
• WTI Outlook: Oil Bounces From Channel Lows — Major Reversal in 2026?
• Aussie and Kiwi Dollars Lead FX Gains to Kick Off Christmas Week – AUD/USD and NZD/USD Outlook

Cross-Assets Daily Performance

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Cross-Asset Daily Performance, December 22, 2025 – Source: TradingView

Everything rallied in today's session except at the cost of the US Dollar, except for the European Stocks which haven't followed the broadly positive mood around Markets.

Metals really are the standout winners of the session. It'll be interesting to see if they maintain a high performance during the holiday season.

Gold is on quite a furious Christmas run, pushing towards $4,485 at the session close and running.

Expect lower volatility ahead but also keep a close eye on Gold and Oil!

A picture of today's performance for major currencies

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Currency Performance, December 22 – Source: OANDA Labs

It was a classic Dollar down day in FX markets, profiting mostly to the Antipodean currencies which loved the rally in metals.

Check out our recent analysis for NZD/USD and AUD/USD right here!

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

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For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

Barring for tonight's RBA Minutes, the action will be clear for Asia-Pacific Currencies towards the end of the year!

And tomorrow's session will also be the last (real) active day for other Markets.

Canada and the US release their GDP figures (8:30 A.M.) in between other key releases such as Consumer Confidence and the Bank of Canada Minutes.

And don't forget the weekly ADP release at 8:15.

Safe Trades and Merry Christmas!

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