Rolling coverage of the latest economic and financial news, on the final trading day of the year

2024 has also been a strong year for the US dollar, whcih is on track to record strong gains in 2024 against most currencies.

The dollar index, which measures the greenback against a basket of rival currencies, is up 6.5% over the last year.

This, in turn, is likely to result in stronger US growth, higher inflation, and, subsequently, higher interest rates, all of which contribute to a stronger US dollar.

Furthermore, Trump’s election victory is anticipated to result in tariffs on imports from countries, including China. Mexico, Canada and the EU which will dampen growth expectations outside the US and weigh on commodity prices.