The Week Ahead – Week Commencing 29 December 2025

As expected, it was a muted trading week last week, with many major centres partially closed through the week due to Christmas holiday celebrations. Despite the lower liquidity, we saw a familiar theme, with global equity indices pushing higher and precious metals driving to record levels.

On the geopolitical front, markets are focusing on a potential peace deal between Russia and Ukraine, with Ukrainian President Volodymyr Zelinsky set to meet with his US counterpart, Donald Trump, in the coming days. However, US strikes in Nigeria in the last few days, and the ongoing actions by the US against Venezuela, have kept haven flows strong.

It is another holiday-disrupted week ahead, with the New Year’s holiday coming midway through the week, very little on the macroeconomic calendar, and many desks operating on skeleton levels as traders enjoy extended breaks. Traders are expecting liquidity to remain at low levels in the coming days, which could lead to some sharp moves, especially if any surprise geopolitical updates hit the newswires.

Here is our usual day-by-day breakdown of the major risk events this week:

It is a quiet start to a quiet week on Monday. The Asian session will see a focus on Japanese markets early in the day, with the Bank of Japan’s Summary of Opinions due out, and there is little else on the calendar until the US Pending Home Sales and weekly crude oil inventory numbers in the New York session.

There is little on the calendar in the first two trading sessions of the day on Tuesday; however, we do have the highlight of the week close to the New York close, when the latest FOMC Meeting Minutes are released.

It is New Year’s Eve on Wednesday, and many traders will be looking to get away early; however, there are a few events on the calendar to negotiate first. The Asian session sees the release of the latest Chinese Manufacturing PMI and Non-Manufacturing PMI data midway through the day, and the US Weekly Unemployment Claims numbers will be released early in the New York session.

It is New Year’s Day on Thursday, and markets are likely to be very quiet, with most major trading centres closed.

Markets do reopen on Friday; however, there is very little on the macroeconomic calendar that is likely to spur fresh moves, and most desks are expected to be operating at minimal levels as traders look to take another long weekend.

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