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Year of Extremes: 2024 Market Review by Global Broker Octa
After holding borrowing costs near record highs for most of 2023, almost all major central banks started to cut rates in 2024. However, the pace of interest rate reductions varied, leading to a divergence in monetary policy expectations between different economies, which, in turn, resulted in notable exchange rate fluctuations among major currencies.
On a negative note, however, 2024 has been a year of lingering political uncertainty and geopolitical instability. Although investors learned to coexist with the simmering conflicts in Eastern Europe and the Middle East, a sense of underlying unease persisted. Adding to this sense of anxiety is the changing political landscape.
Indeed, numerous elections took place in tens of countries around the world in 2024. Investors were particularly concerned about the parliamentary elections in France, the general elections in the United Kingdom, and the presidential and congressional elections in the United States. The market still feels the effect of these elections, with traders and investors anticipating major changes in economic policies and trying to front-run their impact on global assets.
The U.S. Dollar (USD) has been the best-performing currency in 2024 among the 20 global currencies that Octa Broker tracks. From 29 December 2023 to 13 December 2024, the U.S. dollar index (DXY), which measures the value of the greenback against the basket of six foreign currencies (the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc) rose by almost 6%. However, the index has undergone substantial fluctuations over the course of the year. Kar Yong Ang, a financial market analyst at Octa Broker, explains: ‘The dollar index has been on a rollercoaster ride in 2024, soaring to new multi-month heights and plummeting to fresh multi-month lows. Although the greenback looks like the best-performing currency in 2024 so far, the lion’s share of its appreciation occurred during the latter part of the year and has been mostly driven by expectations for a major shift in U.S. trade policy.’
Indeed, the market is concerned that Donald Trump’s proposed immigration and trade policies could have inflationary consequences, prompting the Federal Reserve (Fed) to adopt a less dovish monetary policy. As a result, the divergence in investors’ monetary policy expectations between the Fed and other major central banks has widened, leading to higher capital inflows into the U.S. dollar. Furthermore, the U.S. economy has been outperforming other advanced economies in 2024 and is expected to continue to do better than the rest in 2025 as well. According to the International Monetary Fund (IMF), real gross domestic product (GDP) growth of advanced economies in 2024 will average just 1.8%, whereas the U.S. GDP is projected to expand by 2.8%.
Because the dollar advanced higher, most major currencies are poised to conclude the year with negative performance. The only exception is the British pound, which is anticipated to finish the year virtually unchanged compared to 2023. ‘The relative strength of the U.S. dollar is only one of many reasons why most other major currencies underperformed in 2024. Other factors, however, are specific to individual countries and a major bearish factor this year specifically has been the lack of political certainty, which currencies do not like,’ says Kar Yong Ang, a financial market analyst at Octa Broker. Indeed, EURUSD, the most liquid and widely traded foreign exchange (Forex) pair in the world, has been weakened by political uncertainty in the eurozone’s largest economies—France and Germany—where political stalemate led to high-profile resignations and early elections. Likewise, when the U.K. Prime Minister Rishi Sunak called a snap parliamentary election, GBPUSD experienced one of the biggest one-day declines of 2024. Moreover, the sluggish growth in the eurozone and the U.K. has prompted investors to anticipate additional rate cuts from both the European Central Bank (ECB) and the Bank of England (BoE). In contrast, the Fed is expected to slow down its easing cycle, further widening the interest rate differential between the U.S. dollar on the one hand and the euro and sterling on the other.
Despite its safe-haven status, the Japanese yen (JPY) was the most volatile currency among the majors. Three-month implied options volatility for the yen, a measure of trader hedging demand, averaged around 9.73% in 2024, whereas the total average across seven major currencies was 7.46%. ‘USDJPY traders have had a wild ride in 2024. It has been a total rollercoaster, to be honest. I think fortunes were made and lost here very quickly. This outgoing year has been truly historical for the JPY,’ says Kar Yong Ang, a financial market analyst at Octa Broker. Indeed, during the year’s first half, the bullish dollar momentum has propelled the pair to a multi-decade high. Then, as rumours of potential intervention by Japanese authorities to bolster the yen began to spread, the USDJPY pair started to decline. A massive sell-off accelerated in late July after the Bank of Japan (BoJ) raised interest rates to 15-year highs and announced details on how it will reduce its huge bond buying. Kar Yong Ang explains: ‘At that time, it looked like BoJ was taking a surprisingly hawkish stance. Its decision really shook the markets and caused investors to reassess popular JPY carry-trades.’
The commodities’ performance varied greatly, and each deserves a separate story to tell, but coffee, lithium, gold, and silver have certainly been the biggest stories in 2024.
Just recently, the prompt-month futures contract of arabica coffee traded on Intercontinental Exchange (ICE) hit an all-time high. It is up some 70% year-over-year (y-o-y), which makes it the best-performing commodity in 2024 among 20 other commodities that Octa Broker tracks. ‘Like many other soft commodities, both arabica and robusta coffee futures are almost entirely driven by the whims of the weather. This year, Brazil, [the world’s largest coffee producer], experienced its worst drought in 70 years, whereas Vietnam, [another key producer] was faced with both drought and heavy rainfall,’ says Kar Yong Ang, a financial market analyst at Octa Broker. Indeed, according to official customs data, Vietnam’s coffee exports in the first half of this year were 893,820 metric tons, down 11.4% from a year earlier. Traders are very much concerned about the 2025 global crop outlook, and prices have reflected these worries.
In contrast, lithium has been the worst-performing commodity in 2024 as the sale of electric vehicles (EV) started to level off while capital investments from previous years boosted production capacity and led to oversupply. According to Refinitiv, the price of Lithium Hydroxide futures contracts traded on the Commodity Exchange (COMEX) was down 42.3% y-o-y as of December 13, 2024.
As for precious metals, 2024 has been a record-setting year, especially for gold. The price for the yellow metal has been setting a new all-time high essentially every month in 2024. Kar Yong Ang, a financial market analyst at Octa Broker, outlines three main factors that have contributed to such a meteoric rise in gold prices. ‘It all boils down to three sources of demand: safe-haven demand due to intensifying geopolitical tensions, investor demand due to less tight monetary policy globally, and structural demand from global central banks as part of de-dollarization and diversification efforts.’ As many times before, gold has once again proved its underlying value as a protective asset during times of uncertainty and may continue to shine in the months ahead. Although the price of silver did not set any new records, its y-o-y performance was even more impressive than that of gold: +28.6% (as of December 13).
‘Perhaps surprisingly, but despite growing geopolitical tensions, crude oil prices went down annually. This is mostly because non-OPEC members—notably, the U.S.—have managed to increase production but also because investors were worrying about the health of the Chinese economy, the main importer of crude oil,’ says Kar Yong Ang, a financial market analyst at Octa Broker.
2024 also witnessed significant developments in the cryptocurrency market, particularly for Bitcoin. On March 8, its price set a new all-time high of $70,000. On 5 December, it finally managed to achieve another key milestone of $100,000 per coin. However, Bitcoin was not the best-performing digital coin of 2024. The price of Doge has increased four-fold. Most of the gains in the crypto sphere were in response to Donald Trump’s victory in the U.S. presidential elections. Such a favourable market reaction to Trump’s victory stems from investors’ belief that his Administration, coupled with a friendly Congress, will effectively deregulate the crypto industry, facilitate its expansion, and implement a coherent regulatory framework that will serve investors and consumers for years to come. ‘It should be said, argues Kar Yong Ang, that this belief is not without foundation. Trump has managed to lure many crypto fans to his side with his bold moves, clear views, and a strong focus on deregulation.’
Overall, 2024 has been a year of uneven economic growth and significant political shifts. While central banks successfully addressed inflationary pressures globally, diverging monetary policies led to notable currency fluctuations. At the same time, geopolitical tensions have been on the rise, while political uncertainty persisted.
The U.S. dollar emerged as the strongest currency, driven by a strong U.S. economy, a tightening monetary policy stance, and expectations of potential policy shifts. Other major currencies, such as the euro and the British pound, faced headwinds from economic sluggishness and political instability.
In the commodity markets, 2024 was a year of extremes. While arabica coffee prices soared to record highs due to supply shortages, lithium prices plummeted as oversupply concerns mounted. Precious metals, particularly gold, experienced a remarkable surge, driven by safe-haven demand, easing monetary conditions, and central bank buying.
Meanwhile, the main crypto coins broke new records and seem to be poised for major transformations in 2025.
Hashtag: #Octa
The issuer is solely responsible for the content of this announcement.
Octa
Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.
The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.
In the APAC region, Octa received the ‘Best Trading Platform Malaysia 2024’ and the ‘Most Reliable Broker Asia 2023’ awards from Brands and Business Magazine and International Global Forex Awards, respectively.
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Apical Strengthens Women’s Health to Support Stunting Prevention in Cilincing, North Jakarta
The initiative was launched on 15 December 2025 at the RW 03, RW 09 and RW 10 community offices within the Cilincing public housing complex. Targeting women of reproductive age, the programme was designed as a preventive effort to raise awareness and improve access to essential health services, particularly reproductive health, as a foundation for healthy families and future generations.
Apical’s CSR Manager, Sugiantoro, said the collaboration reflects the company’s long-term, preventive approach to public health. “We believe that healthy women are the pillars of strong families and a key force in shaping healthy communities. Through PT AAJ’s involvement, we aim to create tangible impact by prioritising early prevention, rather than focusing solely on treatment,” he said.
A key focus of the initiative was the early detection of cervical cancer, a serious but largely preventable disease when identified through routine screening and timely intervention. Services provided included IVA screening (visual inspection with acetic acid) and HPV (human papillomavirus) testing.
Dr Kezia Ivana from the Cilincing Community Health Centre explained that IVA and HPV screenings are effective methods for detecting cervical cancer at an early stage.
“Early detection allows us to identify the virus that causes cervical cancer sooner, significantly reducing the risk of disease progression. When detected early, the chances of recovery are very high. However, if left undetected, cervical cancer can lead to severe pain, abnormal bleeding, kidney and urinary tract disorders, swelling of the legs, and fertility problems that may prevent women from having children,” she said.
Apical’s participation in this initiative aligns with the company’s 5Cs philosophy that whatever it does must be good for the Community, Country, Climate and Customer, and only then will it be good for the Company, which underpins its commitment to inclusive and sustainable growth. Through partnerships with local stakeholders, Apical, a member of the RGE group of companies founded by Sukanto Tanoto, continues to support government efforts to address stunting while contributing to improved social and women’s health outcomes, particularly in communities surrounding its operational areas.
Hashtag: #RGE #Apical #CSR #Stunting #Indonesia #Women #Health #Communities
The issuer is solely responsible for the content of this announcement.
About Apical
Apical is a leading vegetable oil processor with an expanding global footprint. Our vertically integrated mid-stream refining and value-added downstream processing makes us an integral supplier that supports the needs of various industries namely food, feed, oleochemicals and renewable fuel, including sustainable aviation fuel (SAF) which enables a great reduction of CO2 emissions.
With integrated assets in strategic locations spanning Indonesia, China and Spain, Apical operates numerous refineries, oleochemical plants, renewable fuel plants and kernel crushing plants. Through joint ventures and strategic partnerships, Apical also has processing and distribution operations in Brazil, India, Pakistan, Philippines, Middle East, Africa, USA and Vietnam.
Apical’s growth is built on the foundations of sustainability and transparency, and motivated by our strong belief that we can contribute to a circular economy for a more meaningful impact, even as we continue to grow our business and deliver innovative solutions to our customers.
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Vingroup Signs Strategic Cooperation with The Government of Uzbekistan, Opening Large-Scale Investment Opportunities in Central Asia
Under the MOU, the two parties agreed to jointly study and develop strategic cooperation opportunities in areas such as urban development, sustainable transportation, tourism and leisure infrastructure, as well as other investment projects aligned with Uzbekistan’s development orientation, affirming the scale and capabilities of Vietnamese enterprises on the global economic map.
Specifically, in the area of urban development, Uzbekistan is ready to allocate approximately 1,000 hectares of land in a prime location of the capital Tashkent for Vingroup to study, propose, and invest in the development of a large-scale, integrated urban complex. The project would include residential areas, living infrastructure, commercial and cultural facilities, and public infrastructure facilities. The development is envisioned to form a “Vietnam Town”, creating a modern and sustainable urban landmark while enhancing cultural exchange and economic cooperation between the two countries.
In the field of sustainable transportation, Vingroup has proposed studying the deployment of electric taxi and urban mobility services using VinFast electric vehicles in Uzbekistan, together with a charging infrastructure system and support services. The project is expected to contribute to the green transition, reduce emissions, and improve the quality of urban transportation services in major Uzbek cities.
In tourism and leisure infrastructure, the two sides will explore the potential development of integrated tourism and recreational center, including entertainment facilities, hotels, golf courses and related tourism infrastructure, aiming to unlock tourism potential and enhance Uzbekistan’s attractiveness to international visitors.
In addition, this strategic cooperation also establishes a framework for the two parties to identify, assess, and select other potential investment projects that align with the development strategies and long-term priorities of each side.
On the Uzbek government’s side, the Ministry of Investment, Industry and Trade committed to supporting Vingroup by providing information on the investment environment, legal framework, and incentive policies, as well as coordinating with relevant authorities and local governments in project preparation, including land allocation, licensing, and access to investment support mechanisms in accordance with legislation.
On Vingroup’s side, the Group will propose conceptual proposals, technical expertise and investment plans, participate in feasibility studies and project structuring, and mobilize member companies within the Vingroup ecosystem to implement suitable projects in Uzbekistan.
Mr. Kasimov Ilzat Ablaxatovich, Deputy Minister of Investment, Industry and Trade of Uzbekistan, stated: “We welcome Vingroup’s interest and commitment to cooperation in Uzbekistan. With its experience in urban development, sustainable transportation, and infrastructure projects, Vingroup is considered a strategic partner to jointly explore and implement investment initiatives aligned with Uzbekistan’s socio-economic development priorities in the coming period.”
Mr. Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, shared: “Uzbekistan is a market with strong potential, supported by a clear development direction and an improving investment environment. Through this Memorandum of Understanding, Vingroup aims to gradually explore suitable cooperation opportunities and work alongside the Government of Uzbekistan in developing urban areas, sustainable transportation, and sectors that bring positive contributions to local communities.”
Uzbekistan holds a strategic position in Central Asia, with a growing economy and strong potential in urban development, infrastructure, tourism, and services. The Government of Uzbekistan is actively promoting reforms and attracting foreign investment to drive sustainable economic growth and international integration.
Vingroup is Vietnam’s leading private multi-sector corporation, operating across six core pillars: Industrials & Technology, Real Estate & Services, Infrastructure, Green Energy, Culture, and Social Enterprises, with the vision “To create a better life for people”. With its proven reputation, scale and capabilities, Vingroup is steadily expanding globally, contributing to elevate the global standing of Vietnamese enterprises.
Hashtag: #Vingroup
The issuer is solely responsible for the content of this announcement.
A year later, the landscape has morphed into something far more complex, rippling with tariff shocks, persistent inflation, rising bond yields, and growth downgrades across traditional economic powerhouses. The world feels as if it is moving through a narrow channel, buffeted by waves from every direction. And yet, amid all the noise, Asia has not only held its ground but stepped forward with a clarity and confidence that few regions can match.
Why Asia Now: A New Era of Resilience, Growth, and Opportunity
The forces shaping Asia’s rise have been gathering momentum for decades. What we are witnessing now is their convergence. Asia is not simply adapting to global volatility, it is redefining the foundations of resilience and growth. Its economies are becoming wealthier, stronger, and more self-reliant, and its real estate markets are revealing layers of opportunity that long-term investors have waited years to see.
The near-term picture, though challenged, underscores this resilience. Tariffs have uneven effects, and countries with strong domestic engines such as Australia are absorbing shocks with surprising ease.
But it is the longer horizon that illuminates Asia’s true arc. The region’s working-age population and middle class have expanded at a breathtaking pace, setting the stage for decades of consumption-led dynamism. Education levels are rising, service sectors are flourishing, and manufacturing capabilities are climbing the value chain.
Meanwhile, intra-Asia trade has quietly become the backbone of global commerce, with Asia-to-Asia routes now forming the largest share of world trade. As the region turns inward, not in isolation, but in self-reinforcing collaboration, Asia ex-China is projected to contribute more to global growth than the United States and Europe combined.
Real estate, often seen as a mirror for economic sentiment, is telling a similar story. Transaction volumes across Asia have been less volatile than those in Western markets, and pricing has remained more stable, offering a predictable return profile. Supply constraints, elevated construction costs, and a decade-low pricing position relative to long-term trends are creating what can only be described as an extraordinary entry window.
Why Capital is Flowing into Vietnam
If Asia’s trajectory could be captured in a single idea, it would be the beginning of a Value Uprising, a structural rise in long-term asset worth, powered by demographics, policy, and economic integration, rather than speculation.
From this continental narrative emerges Vietnam, a nation whose ascent is increasingly impossible to ignore. Over the past decade, Vietnam has transformed from a rising star into a gravitational force for global investors. Supply chain diversification has accelerated its role as a manufacturing and logistics nexus. Even with global tariffs shifting, Vietnam’s logistics sector continues to expand in sophistication, efficiency, and international relevance. Its demographic profile, marked by a median age years younger than China, offers a demographic dividend that many Asian economies have already spent. And as Southeast Asia’s digital backbone grows, Vietnam is stepping into the spotlight as one of the region’s next major data-center markets, a signifier of future industrial depth.
Ho Chi Minh City, in particular, has entered a new chapter. Its standing among Asia-Pacific cities for investment and development has climbed steadily, reflecting not only macroeconomic resilience but the confidence of global capital. It has become a symbolic frontier, an emerging metropolis where the contours of modern Asia are being redrawn.
At the heart of Vietnam’s momentum lies another extraordinary phenomenon: The consistent and rising flow of remittances. Vietnam ranks among the world’s top recipients, and Ho Chi Minh City alone welcomed over USD 9.46 billion in 2023, USD 9.6 billion in 2024, and more than USD 5.3 billion in the second quarter of 2025.
A remarkable portion of these funds, around one-fifth, finds its way into real estate. But this is not passive investment. It is a gesture of return, of building a future homeland, of preparing for business, family, and retirement. It is long-term capital with long-term intent.
Vinhomes Green Paradise: A Hidden Gem Poised to Shine in Vietnam’s Real Estate Market
Regulatory reform is reinforcing this trust. The revised Land Law and Real Estate Business Law offer stronger protections and broader rights for Vietnamese citizens, including those living abroad. In a period where global currencies fluctuate and deposit rates decline, investors are increasingly confronting a hard truth: Holding cash is, in many cases, a slow erosion of value. As economist Can Van Luc notes, the VND has lost 3.4 percent of its value in two years, even as the USD depreciated. Real estate, therefore, is not merely an alternative, it has become one of the few asset classes capable of preserving and multiplying value in real terms.
Against this backdrop, regions entering new cycles of infrastructure development are drawing accelerated capital inflows. And among them, one name rises above all others: Can Gio.
For decades, Can Gio stood quietly at the edge of Ho Chi Minh City, an ecological jewel, admired but distant. Today, it has become the most powerful symbol of Vietnam’s coastal urban future. Massive infrastructure investment is reshaping its accessibility, and yet its real estate prices remain a fraction of central districts. Compared to Phu My Hung, Can Gio’s price base is nearly half; compared to Districts 1 and 3, just one-fifth. The gap is not a discount, it is untapped potential waiting to be realized.
The emergence of Vinhomes Green Paradise has pushed this transformation into global consciousness. As the first official participant in the New7Wonders “7 Wonders of Future Cities” campaign, the project is channeling the same catalytic energy once witnessed in iconic developments. Internationally, such recognitions do not merely elevate prestige, they accelerate valuation cycles, attract global capital, and redefine a city’s future skyline.
With its one-of-a-kind geographic formation and proximity to Can Gio’s million-year-old biosphere reserve, Vinhomes Green Paradise stands as a once-in-a-century asset. It embodies scarcity in its purest form, an asset class that cannot be replicated, reshaped, or reborn elsewhere.
And that is where the narrative converges. Asia’s rise, Vietnam’s momentum, Ho Chi Minh City’s evolution, and Can Gio’s emergence are not isolated stories. Together, they form a new investment epoch characterized by structural uplift, demographic acceleration, and a rapidly expanding middle class. It is the era of the Value Uprising, a phase in which the forces of economics, policy, population, and global capital align to propel real estate into a new price horizon.
In moments like this, markets rarely wait. History shows that investors who move early define the benchmark for everyone who follows. The question is no longer whether Asia will rise, or whether Vietnam will lead, or whether Can Gio will transform. The question, now, is whether investors will seize a moment that may not return for another generation.
Sources:
https://www.hines.com/asia-real-estate-opportunity-in-the-midst-of-uncertainty
Hashtag: #Vinhomes
https://vinhomes.vn/enThe issuer is solely responsible for the content of this announcement.
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