Morning Update (29.12.2025) ☀️📊 Holiday-thinned liquidity is keeping markets nervous – even modest flows can trigger outsized moves as traders position into year-end. 🌏 Risk mood Asian equities are mostly firmer in quiet trading, while overall sentiment remains mixed. Optimism about potential rate cuts next year is offset by ongoing geopolitical uncertainty. 💱 FX The US dollar is holding near multi-month lows, while the yen is attempting to stabilise after recent volatility. Markets remain sensitive to signals from the Bank of Japan and any hints of official action. 🛢️ Commodities Oil (Brent) is trying to recover after last week’s weakness, with geopolitics and headlines still driving short-term direction. Gold stays elevated, with recent pullbacks looking more like profit-taking than a trend reversal. Silver continues to trade near record highs. 🪙 Crypto bitcoin remains range-bound in thin conditions, hovering in the high-$80k area. With low liquidity, sudden volatility spikes remain a risk. 📅 Today’s focus The macro calendar is relatively light, with US Pending Home Sales (Nov) among the key releases. Attention later this week will turn to the FOMC minutes. ⚠️ Trading note Low volume ≠ low risk. Smaller positions and disciplined risk management matter more than ever into the New Year. Stay alert, trade smart, and start the final trading days of 2025 with a clear plan 💡📈