On December 24, 2024, the U.S. dollar strengthened due to expectations of slower interest rate cuts by the Federal Reserve. In parallel, oil prices rose by 1% amid thin trading conditions leading up to the Christmas holiday, supported by positive market sentiment. The 30-year U.S. Treasury bond yield reached 4.8%, marking its highest level since 2007, while the 10-year Treasury yield surged to 4.62%, the highest reading since May 2024. European bond yields also increased in holiday-thinned trade. The South African rand and the Canadian dollar experienced modest fluctuations, with the latter edging lower due to lingering political risks. Economists suggest that the Canadian dollar may have further room to decline as it continues its downward trend.