November 28, 2025 — Global markets were subdued on Thursday as the U.S. equity market remained closed for the Thanksgiving holiday. Major assets moved divergently: the U.S. Dollar Index slipped to 99.596, GBP briefly spiked before paring gains, spot gold held steady at $4,151, silver rose 0.7%, Bitcoin rebounded 1.1% to $91,208, while Brent crude dipped 0.2% on persistent demand concerns.
1. Key Market Moves & Fundamental Analysis
1. FX Market: Dollar Softens, GBP Swings Sharply, Verbal Intervention Fails to Lift JPY
U.S. Dollar Index: Fell 0.07% to 99.596 as Fed rate-cut expectations for December climbed to 85%, weighing on the dollar.
GBP: Jumped after the UK Autumn Budget announcement but later pared gains to finish flat at 1.3245. The budget revealed fiscal headroom rising to £22 billion, but 2026 GDP growth was sharply revised down to 1.4%. Morgan Stanley noted that the positive catalysts for GBP may have been fully priced in.
JPY: Despite verbal intervention from Japanese PM Sanae Takaichi, the yen remained weak, closing at 156.22 per USD.
Drivers: The Fed’s Beige Book highlighted stagnation risks in the U.S. economy, while the UK budget was less expansionary than markets anticipated.
2. Precious Metals: Silver Outperforms as Gold Holds Steady
Spot Silver: Up 0.7% to $53.69/oz
Spot Gold: Down 0.05% to $4,151.69/oz
Fundamentals:
Bullish factors: Rising expectations of a December Fed rate cut (85%) drive real yields lower, supporting precious metals.
Technical view: Gold continues to hold key support at $4,150, while silver benefits from both industrial demand and safe-haven flows.
3. Commodities: Oil Pressured by Demand Concerns, Market Awaits OPEC+
Brent Crude: Fell 0.2% to $62.42/bbl, with WTI also under pressure.
Key negatives:
Supply pressures: U.S. EIA crude inventories rose 2.77 million barrels, above expectations; reduced geopolitical risk premium on Russia–Ukraine peace signals.
Demand worries: Weak global manufacturing PMIs weigh on demand outlook. Markets are awaiting the Nov. 30 OPEC+ meeting on output policy.
4. Crypto: Bitcoin Rebounds Over 1%, but LTH Profit-Taking Persists
Bitcoin: Up 1.1% to $91,208
Ethereum: Also moved higher.
On-chain data:
Long-term holders (LTHs) have sold 800,000 BTC in the past two weeks, reducing long-term supply to 13.6 million BTC — a new low for this cycle.
5. Global Equities: Asia Gains, Europe Mixed; Nikkei Rises 1.2%
Nikkei 225: +1.2% to 50,167
KOSPI: +0.7%
STOXX 50: -0.14%
DAX: +0.16%
Policy backdrop:
Japan’s BoJ continues its accommodative stance, while weak Eurozone data (Nov. industrial sentiment below expectations) limited gains in Europe.
