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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.
Southco’s E3 VISE ACTION® Compression Latch with Visual Indicator displays latch open status that can be seen from a minimum of five meters, making it an ideal choice for rail, semiconductor and industrial machinery enclosures where an unsecured door or panel could impact safety during operation. By allowing operators to easily detect latch status, the E3 VISE ACTION® Compression Latch with Visual Indicator improves efficiency, enhances safety and reduces maintenance errors.
Global Product Manager Ike Teng adds, “The E3 VISE ACTION® Compression Latch with Visual Indicator provides visual feedback of whether a panel is fully closed, semi-closed or not secured at all. Like Southco’s standard E3 line, the indicator version delivers robust, vibration-resistant fastening and is available in a variety of grip lengths, providing a simple upgrade for enhancing enclosure safety and security.”
For more information about the functionality of E3 Compression Latches, please visit https://www.southco.com or email the 24/7 customer service department at [email protected]
Hashtag: #Southco #E3VISEACTION
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About Southco
Southco, Inc. is the leading global designer and manufacturer of engineered access solutions. From quality and performance to aesthetics and ergonomics, we understand that first impressions are lasting impressions in product design. For over 70 years, Southco has helped the world’s most recognized brands create value for their customers with innovative access solutions designed to enhance the touch points of their products in transportation and industrial applications, medical equipment, data centers and more. With unrivalled engineering resources, innovative products and a dedicated global team, Southco delivers the broadest portfolio of premium access solutions available to equipment designers throughout the world.
Southco Asia Limited
2401, Tower 2, Ever Gain Plaza
88 Container Port Road, Kwai Chung
University of London
The University of London (UoL) is one of the most established overseas degree providers in Singapore, having partnered with SIM Global Education (SIM GE) for more than 38 years.
Through this collaboration, students can pursue degrees in fields such as Business, Banking and Finance, Data Science, Economics, and International Relations. The programmes follow the same curricula and are examined by the same academic boards as those in the UK. SIM complements these with academic support, career services, a vibrant campus life and helping students gain a truly global education while staying rooted in Singapore.
University of Birmingham
The University of Birmingham, a member of the UK’s prestigious Russell Group of research-intensive universities, partners with SIM Global Education (SIM GE) to offer both undergraduate and postgraduate programmes in Singapore.
At the undergraduate level, the Bachelor of Science (Honours) Business Management (Top-up) equips students with analytical and strategic skills necessary for today’s competitive business environment.
For postgraduate learners, SIM GE offers the Master of Business Administration (MBA), designed for professionals seeking to strengthen their leadership, strategic management, and decision-making capabilities. The programme blends academic rigour with practical business applications, preparing graduates for senior management roles and global career opportunities.
University of Stirling
The University of Stirling at SIM offers globally recognised, research-led programmes designed to develop career-ready graduates. With flexible learning options, industry-relevant curriculum, and opportunities for global exposure, Stirling equips students with the skills and knowledge to thrive in today’s competitive job market.
University at Buffalo, The State University of New York
For students who prefer an American-style education, the University at Buffalo (UB) offers full U.S. degree programmes at SIM GE. Students can major in Communication, Psychology, or International Trade, earning a degree directly from UB – “a premier U.S. public university in Singapore … at a fraction of the cost” The UB programmes are taught by faculty approved by the home campus, maintaining the same academic standards and assessments as in New York.
University of Alberta
The University of Alberta holds a position among the top 4 universities in Canada and is internationally recognized as a leading post-secondary institution, ranking within the top 100 universities worldwide. Its steadfast dedication to excellence in research, teaching, and innovation spans over a century.
RMIT University
RMIT University, based in Melbourne, is another major Australian partner of SIM GE. Known for its industry-focused learning, RMIT’s programmes in Business Management, Marketing, and Logistics and Supply Chain Management are designed with employability in mind.
Students gain hands-on experience through case studies and project-based learning. The partnership allows Singapore students to graduate with the same Australian degree as those studying in Melbourne, often within two to three years.
University of Wollongong
The University of Wollongong (UOW), ranked among the world’s top 200 universities, partners exclusively with SIM Global Education in Singapore to offer IT, business information systems, cybersecurity, and data analytics programs taught by UOW faculty. Since 2005, over 3,000 UOW degrees have been awarded at SIM, with pathways for transfers to Australia and industry internships. Students enjoy access to SIM’s vibrant campus life, academic support, and opportunities for awards from agencies like CSIT and IMDA.
The University of Sydney
Over 3,500 of Singapore’s most talented health professionals have graduated with our nursing and health science related degrees, offered in partnership with SIM GE. The nursing programmes are developed, fully taught and awarded by The University of Sydney and accredited by the Singapore Nursing Board.
La Trobe University
La Trobe University is a public research university located in Melbourne, Australia. It was established in 1964 and is now the third university in the state of Victoria. The university is in the top five per cent of business schools worldwide to have earned an AACSB accreditation for delivering excellence in every aspect of the university’s work.
Monash College
Monash College is fully owned by Monash University, Australia’s largest university. The College is the preferred pathway to Monash University for international students. Through innovative programmes which align with the high standards of Monash University, we equip students for life at university, and beyond.
Grenoble Ecole de Management
Founded in Grenoble, Grenoble Ecole de Management (GEM) has greatly developed its expertise in the management of technology and innovation—an expertise that is now the foundation of the institution’s excellence and international renown. The school is accredited by AACSB, EQUIS and AMBA, and is a member of the French ‘Conférence des Grandes Ecoles’.
A Hub for Global Degrees
SIM Global Education offers over 140 full-time and part-time academic programmes from international universities partners.
Students here can earn world-class qualifications, gain exposure to diverse teaching approaches, and access global alumni networks all at lower cost and greater convenience than studying abroad.
As SIM GE highlights, its degrees are “globally recognised, with the same curricula and academic standards as those awarded onshore”
In an increasingly competitive world, these overseas degree options in Singapore offer the best of both worlds – international credentials with local advantage.
References:
- University of London – Teaching Centre: Singapore – https://www.london.ac.uk/study/where-study/teaching-centre/singapore
- SIM Global Education – University of London Programmes – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/university-…
- SIM Global Education – RMIT University – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/rmit-univer…
- SIM Global Education – University at Buffalo – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/university-…
- SIM Global Education – University of Alberta – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/university-…
- SIM Global Education – University of Birmingham – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/university-…
- SIM Global Education – University of Wollongong – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/university-…
- SIM Global Education – The University of Sydney – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/the-univers…
- SIM Global Education – La Trobe University – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/la-trobe-un…
- SIM Global Education – Grenoble Ecole de Management – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/grenoble-ec…
- SIM Global Education – Monash College – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/monash-coll…
- SIM Global Education – University of Stirling – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/university-…
- SIM Global Education – Overview of Degree and Diploma Programmes – https://www.sim.edu.sg/degrees-diplomas/overview
- SIM Global Education – University Partner Page – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge
Hashtag: #SIMGlobalEducation #SIMGE #CareerReady #FutureSkills #HigherEducation #GlobalDegrees
The issuer is solely responsible for the content of this announcement.
About SIM Global Education
SIM Global Education (SIM GE) is a leading private education institution in Singapore and the region. We offer more than 140 academic programmes ranging from diplomas and graduate diploma programmes to bachelor’s and master’s degree programmes with some of the world’s most reputable universities from Australia, Canada, Europe, United Kingdom, and the United States. SIM GE’s cohort is made up of 16,000 full- and part-time students and adult learners, of which approximately 36% are international students hailing from over 50 countries.
SIM GE’s holistic learning approach and culturally diverse learning environment aim to equip students with knowledge, industry skills and employability competencies, as well as a global perspective to succeed as future leaders in a fast-changing, technologically driven world.
For more information on SIM Global Education, visit sim.edu.sg
Media OutReach
Yunnan Showcases Top 10 Must-try Experiences at Trip.Best: Southeast Asia Travel Trends Unpacked
The event gathered representatives from the Singapore Tourism Board, Trip.com, leading travel agencies from Southeast Asia, international mainstream media, travel influencers, and industry experts. Trip.com business leaders shared data-driven insights into evolving travel consumption patterns in this region, covering entry and exit, accommodation, attractions, and dining trends, before revealing the highly anticipated Trip.Best Southeast Asia Travel Rankings.
Yunnan’s presentation on its “Top 10 Must-try Experiences,” took the audience on an immersive journey from the Yuanyang Rice Terraces and Xishuangbanna Rainforest to the Shangri-La Snow Mountain. These tours integrate intangible cultural heritage, ethnic cuisine, and artisanal crafts, creating authentic experiences for global travelers. Complementing the presentation, an outdoor Yunnan lifestyle experience zone was set up, where guests could savor Yunnan specialties, admire Yi embroidery, and capture memorable moments in traditional ethnic attire.
Yunnan also emphasized its traveler-friendly policies, including the 240-hour visa-free transit for international visitors in nine popular tourist destinations, including Kunming, Lijiang, Dali, and Xishuangbanna, and tax refund benefits for overseas shoppers. Enhanced connectivity through Yunnan’s expanding “air corridor” has significantly boosted passenger traffic between Yunnan and South and Southeast Asia. Kunming Changshui International Airport now offers flights to 37 international destinations, with 32 routes linking directly to South and Southeast Asia.
By leveraging Trip.Best‘s global travel rankings and experiential marketing strategies, Yunnan further solidified its brand presence as an international tourist destination, paving the way for deeper collaboration in Southeast Asia’s tourism market.
Hashtag: #Trip.Best
The issuer is solely responsible for the content of this announcement.
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