Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Last year was boom time in oil, while sterling produced one of its strongest performances since the debacle of its departure from the Exchange Rate Mechanism.
Oil has risen from $16 to $23 a barrel. This is, in part, due to the sanctions imposed on Iraq, but that's not the whole story. Growing demand has also helped squeeze the price higher.
Precious metals, by contrast, have had a dull year, with gold, despite a surge in January to $415 a troy ounce, obstinately stuck for most of the year between $400 and $370. It closed at $369 on Friday.
Platinum, with a price tending to greater volatility, has had no better a year. Other metals have also had a dismal year, with copper suffering in the fall-out from the Sumitomo Metals scandal.
On foreign exchanges, sterling started the year near its lows against the mark, at Dm2.22 to the pound. But after an awesome performance, it closed the year at a four-year high against the mark, of Dm2.631, and a three-year high against the Swiss franc.
Moves such as this have helped promulgate the view that sterling is becoming a "safe haven" among European currencies. While this may be scoffed at, given the pound's dismal performance over the last 30 years, and all the sterling crises to have engulfed it, there are some good reasons for the improvement in its fortunes. The UK economy is in better shape than its European colleagues. Politically, there is also an attraction because of the possibility it may be a late starter in monetary union. The keenness of Chancellor Kohl to achieve monetary union in the given timeframe has been one reason for the mark's weakness - although all transient factors, the recent base rate rise, the prospect of more to come, and the strength of oil have granted the pound further support.
For the yen, however, it has been an annus horribilis. It now stands at a four-year low against the dollar, after a battering from investors, who have been disposing of yen-denominated assets as fast as they can.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments