November 10, 2025 – The U.S. dollar index rose early in the week but reversed gains, closing Friday at 99.54. Spot gold swung over $130 throughout the week, ultimately holding above $4,000. The Nasdaq fell more than 3%, as concerns over tech stock valuations resurfaced. Bitcoin dropped below $100,000, and Ethereum plunged amid a major hacking incident.

Weekly Performance & Fundamental Analysis by Asset Class

Foreign Exchange: Dollar Reverses from Highs as Fed Division Deepens

The U.S. dollar index broke above 100 to a three-month high early in the week but slipped to 99.54 by Friday, down 0.46% for the week.

The Japanese yen fluctuated within the 153–154 range, with the Bank of Japan’s policy inaction limiting rebound momentum.

Facteurs fondamentaux :

Policy confusion: Fed Governor Milan called for faster rate cuts, while Cleveland Fed President Hummack warned of inflation risks, cutting December rate-cut odds to 60%.

Data vacuum worsens: The U.S. government shutdown has now reached day 39 (a record), leaving key data like nonfarm payrolls and CPI unavailable and amplifying market volatility.

Precious Metals: Gold Sees V-Shaped Rebound as Safe-Haven Demand Battles Dollar Strength

Spot gold hit a weekly low of $3,930 and a high of $4,060, closing at $4,001.39.

Spot silver settled at $48.35, down 0.68%, with its trading range widening to $47–49.

Key Themes:

Safe-haven demand: Equity selloffs and rising geopolitical risk (notably escalating tensions in Venezuela) lent support to gold.

Dollar pressure: Short-term dollar strength capped gains, but central bank buying (with China’s PBoC continuing to add to reserves) provided long-term support.

Institutional Views:

TD Securities: Expects gold to consolidate within $3,800–4,050.

Morgan Stanley: Forecasts gold to rise to $4,500 in 2026.

Energy & Commodities: Oil Falls for Second Straight Week as Supply-Demand Imbalance Grows

WTI crude fell 3.2% to $59.75, and Brent crude declined 2.8% to $63.63.

Bearish factors: Larger-than-expected EIA inventory build and uncertainty over OPEC+ production plans offset geopolitical risk premiums.

Industrial Metals:

Iron ore fell 3.66% as weak Chinese demand and rising port inventories weighed on sentiment.

LME copper settled at $10,903, balancing between supply disruptions and global growth slowdown concerns.

Cryptocurrencies: Hacking Incident Triggers Selloff; Bitcoin Barely Holds $100,000

Bitcoin dropped 6.3% on the week, briefly touching $99,000.

Ethereum fell over 8% after Balancer Protocol lost $100 million in a hack, fueling panic across markets.

On-chain data: Crypto ETFs saw $1.8 billion in weekly outflows, with $1.2 billion in leveraged long positions liquidated.

Policy backdrop: The U.S. SEC tightened scrutiny of stablecoins, while China’s PBoC reiterated its crackdown on crypto speculation.

U.S. Equities: Nasdaq Posts Worst Week Since April as Tech Valuations Reset

The Nasdaq fell 3.04%, the S&P 500 lost 1.63%, and the Dow dropped 1.21%.

Sector trends: Semiconductors (NVIDIA -5%) and AI-related stocks (Meta -11%) led declines, while energy shares posted mild gains.

Key Events:

Tesla shareholder meeting: Approved Elon Musk’s $1 trillion compensation package, but the rollout of Full Self-Driving (FSD) in China was delayed.

OpenAI & Amazon: Signed a $38 billion compute partnership, intensifying the AI capital spending race.

Week Ahead: Key Economic & Policy Events

Federal Reserve:

New York Fed President Williams will speak, with markets watching for signals on the December rate path.

Multiple Fed officials are set to speak; dovish commentary could boost risk sentiment.

Other Central Banks:

Bank of Japan will release minutes from its October meeting—any hint of a December rate hike could support the yen.

European Central Bank will publish its Economic Bulletin, while the Eurozone Q3 GDP revision will be closely watched.

Economic Data & Risks:

The U.S. data blackout continues: the October CPI report may be delayed by the shutdown, and its eventual release could trigger sharp volatility.

Initial jobless claims remain the only reliable high-frequency indicator of labor market conditions.