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The dollar tends to weaken in the last month of the year across the board, while gold and US stocks have lately gained gains. In recent history, December has been the second greatest month for gold prices. 

The risk-on mentality is widespread, with the Australian, Canadian, and New Zealand dollars all tending to appreciate as the year progresses. 

The start of the month calls for a look back at the seasonal trends that have affected currency markets throughout the years. The focus for December is on the trailing 5-year and 10-year results, which fully represent trade throughout the era of quantitative easing and increasing government deficits following the 2008/2009 Global Financial Crisis.

EUR/USD

From a seasonality standpoint, December is a positive month for EUR/USD. It has been the second greatest month of the year for the pair during the last five years, averaging a gain of 1.14 percent. It has been the third greatest month of the year during the last ten years, averaging a gain of +0.48 percent.

GBP/USD

From a seasonality standpoint, December is a positive month for GBP/USD. It has been the fourth-best month of the year for the pair during the last five years, averaging a gain of +0.76 percent. It has been the third-best month of the year during the last ten years, averaging a gain of 0.29 percent.

USD/JPY.

From a seasonality viewpoint, December is a mixed month for USD/JPY. It’s been the pair’s sixth-worst month of the year during the last five years, with a loss of -0.58 percent on average. It has averaged a gain of 0.28 percent over the last ten years, making it the sixth greatest month of the year.

 AUD/USD

From a seasonality standpoint, December is a somewhat positive month for the AUD/USD. It has been the third greatest month of the year for the pair during the last five years, averaging a gain of 1.18 percent. It has been the sixth greatest month of the year during the last ten years, with an average loss of -0.03 percent.

NZD/USD

From a seasonality standpoint, December is a particularly bullish month for NZD/USD. It has been the third-best month of the year for the pair during the last five years, averaging a gain of 1.38 percent. It has been the second greatest month of the year during the last ten years, averaging a gain of 1.18 percent.

USD/CAD

From a seasonality standpoint, December is a little negative month for USD/CAD. It has been the fourth-worst month of the year for the pair in the last five years, with a loss of -0.84 percent on average. It has been the fourth poorest month of the year during the last ten years, with an average increase of 0.14 percent.

USD/CHF

From a seasonal standpoint, December is a positive month for USD/CHF. Over the last five years, it has been the pair’s poorest month of the year, averaging a -1.67 percent loss. Over the last decade, it has been the third poorest month of the year, averaging a loss of -0.80 percent.

US S&P 500

From a seasonality standpoint, December is a mixed month for the S&P 500 in the United States. Over the last five years, it has been the index’s fifth-worst month of the year, averaging a gain of +0.04 percent. Over the last decade, it has been the fifth poorest month of the year, with an average gain of +0.19 percent.

(XAU/USD)

December is a bullish month for gold (XAU/USD), from a seasonality perspective. Over the past 5-years, it has been the second best month of the year for the precious metal, averaging a gain of +3.11%. Over the past 10-years, it has been the fifth worst month of the year, averaging a loss of -0.02%