SNB’s Maechler: The need for further rate hikes cannot be ruled out

Following the correction seen in the second half of the previous week, EUR/USD gathers bullish momentum and trades in positive territory near 1.1750. The US Dollar (USD) struggles to attract buyers and supports the pair as investors await Tuesday's GDP data ahead of the Christmas holiday. 

GBP/USD turns north on Monday and avances to the 1.3450 region. The US Dollar (USD) stays on the back foot to begin the new week as investors adjust their positions before tomorrow's third-quarter growth data, helping the pair stretch higher.

Gold extends its rally in the American session on Monday and trades at a new all-time-high above $4,420, gaining nearly 2% on a daily basis. The potential for a re-escalation of the tensions in the Middle East on news of Israel planning to attack Iran allows Gold to capitalize on safe-haven flows.

Bitcoin could hit record highs in 2026, according to Grayscale and top crypto asset managers. Institutional demand and digital-asset treasury companies set to catalyze gains in Bitcoin.

2026 may be less about a neat “base case” and more about a regime shift—the market can reprice what matters most (growth, inflation, fiscal, geopolitics, concentration). The biggest trap is false comfort: the same trades can look defensive… right up until they become crowded.

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.