The dollar was on track for its best weekly performance in over a month on Friday, underpinned by expectations of fewer Federal Reserve rate cuts this year and the view that the U.S. economy will continue to outperform the rest of its peers globally.
Oil prices extended gains on Friday after closing at their highest in more than two months in the prior session, amid hopes that governments around the world may increase policy support to revive economic growth that would lift fuel demand.
Most Asian stocks were higher on Friday led by sharp gains in South Korean shares, while Chinese stocks reversed some earlier losses amid hopes of fresh stimulus measures from the world’s second-largest economy.
Asia's factory powerhouses ended 2024 on a soft note as expectations for the New Year soured amid growing trade risks from a second Donald Trump presidency and China's fragile economic recovery.
Asian stocks began the year on a dour note on Thursday as they struggled for traction after a jittery close to 2024, while the U.S. dollar held steady and investor sentiment stayed cautious ahead of Donald Trump's return to the White House.
Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed China's economy and fuel demand following a pledge by President Xi Jinping to promote growth.