December 22, 2025 10:31 PM GMT Global Macro Commentary | Global December 22: Risk-On Into Year- End USD/JPY retraces down to 157 as Japan MoF reiterates potential FX action; bunds outperform slightly after ECB's Schnabel moderates rate hike expectations; oil rises on geopolitical tensions in Venezuela; weak 2y UST auction; US equities extend rally; DXY at 98.27 (-0.3%); US 10y at 4.17 (+1.6bp). The Global Macro Commentary will resume on Friday, January 2. Global rates see mixed but muted moves while JPY ret ...