The Reserve Bank of Australia (RBA) was considering pausing its tightening policy cycle this month.

A slowdown in sales was recently noted by Australian retailers. This is linked to a rapid growth of interest rate in the country, which has been having a negative impact on consumers’ buying power in the run-up to Christmas.

The price of gold has stabilized just below the 1800 level. Against the backdrop of potential recession risks and higher interest rates in the coming year, investors are switching to the U.S. dollar. At the same time, the metals market is also under pressure.

The dollar depreciated against the euro because data on the optimistic sentiment in German business circles had contributed to EU currency.

In line with economists’ forecasts, the People’s Bank of China (PBOC) kept the one-year loan prime rate at the same level of 3.65%. The five-year rate also remained unchanged at the level of 4.3%.

Europe will face a difficult task to replenish gas stocks next year compared to this winter. It will also be harder for governments weakened by high energy prices to bear the cost of purchasing gas on the open market.

Oil prices keep rising on Tuesday, with markets hoping demand for black gold will recover in 2023. This is due to China’s reopening and a colder-than-expected snap coming in the short term. This scenario could take place despite mounting fears of a global recession.

According to a statement made on Tuesday by Australian Foreign Minister Penny Wong, she would urge China to lift trade sanctions and provide consular access to two Australians detained in the country.

After lengthy negotiations, EU countries reached an agreement on a gas price cap on Monday. There was a big controversy over such measures as the bloc's efforts were focused on overcoming the energy crisis.

The sentiment in the oil market has been particularly gloomy this year. Only China was able to dispel the clouds hanging over oil prices.