Russia’s central bank reserves have dropped from $763.9 billion to $752.5 billion. In financial markets, silver prices have soared to a record of $93.75 due to limited supply.

The Oil Market Outlook

In the oil market, prices for West Texas Intermediate (WTI) are recovering as tensions with Iran ease, though a supply surplus is holding back larger gains. The British pound remains steady at around 1.3380 against the US dollar, supported by strong data that benefits the dollar. On the other hand, the euro is weakening, with EUR/USD falling below key levels as the US dollar strengthens. Gold prices have declined, now below $4,600 per troy ounce, due to lower geopolitical tensions and a stronger dollar. In cryptocurrencies, Bitcoin is holding above $95,000 despite decreased retail demand, while Ethereum is trading in a limited range.

Dash and Market Events

In other updates, Dash is rising, reaching an intraday high of $96.85 in a correcting crypto market. Looking ahead, US PCE reports and the events in Davos will be important for dollar traders, while UK data may affect Bank of England decisions. The Bank of Japan is likely to maintain its current policies, though future guidance will be closely watched after election updates. The US dollar is gaining strength, and we expect this to continue. The Federal Reserve’s more hawkish stance is putting pressure on currency pairs like EUR/USD and GBP/USD. Current rallies in these currencies look like selling opportunities. However, there are concerns within the Fed regarding a weak labor market. The upcoming US PCE inflation data is crucial; a high number would strengthen the dollar, while a low number could reverse its gains quickly. After a surprisingly strong job market in 2025, any signs of weakness will be highlighted. We observe a significant difference in precious metals that offers an opportunity. Gold is falling due to the strong dollar, while silver has reached record highs from strong industrial demand, particularly in solar and electric vehicle sectors, which surged in 2024 and 2025. This is creating a disconnect between the prices of gold and silver. In energy markets, WTI oil prices appear capped. While easing tensions in Iran are beneficial, a persistent supply surplus is the main issue, worsened by increased non-OPEC+ production last year. This suggests that selling into strength may be the safest strategy for oil derivatives. The crypto market is reflecting risk-off sentiment for major coins. Decreased retail demand is affecting Bitcoin and Ethereum, keeping them within a narrow range. This overall weakness indicates that traders should refrain from aggressive long positions in top coins for now. Lastly, we are observing a steady decline in Russia’s central bank reserves, which have decreased by over $11 billion. This ongoing drop, which we have tracked since last year, raises the risk of future volatility in the ruble, posing a potential risk that could escalate quickly. Create your live VT Markets account and start trading now.

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