Markets ended the week mixed as inflation optimism met growth worries, with the dollar steady, gold easing from all-time highs and tech stocks leading a late rebound.
FX Trust Score Weekly Market Outlook
For the week ahead: 20 – 25 October 2025
Each week, FX Trust Score publishes a Weekly Market Outlook to help traders stay informed and prepared for the trading week ahead. The report brings together key developments across forex, equities, commodities and crypto markets, as well as insights into central bank activity and broker updates. It is a trusted source, designed for clarity and relevance and provides traders with a concise overview of what is driving global markets.
Last Week in Review
Markets closed the previous week mixed as optimism over moderating inflation clashed with signs of slowing global growth. The U.S Dollar (USD) strengthened modestly, while the euro and pound experienced limited momentum.
In commodities, gold reached record highs and then eased slightly, as profit-taking emerged, though underlying safe-haven demand remained intact. Oil prices were subdued, reflecting ongoing worries about global demand and persistently high stockpiles. On the equity front, U.S indices staged a late recovery, led by gains in the technology and automotive sectors.
Tesla, Apple, and Nvidia all closed higher, helping to offset weakness in financial and industrial shares.
Key Economic Events This Week
20 -24 October 2025
Traders are watching several major data releases and policy speeches that could shape market direction in the days ahead.
United States: Upcoming inflation and PMI data will provide clues on the Federal Reserve’s next policy move.
United Kingdom: Investors await fresh inflation figures and remarks from the Bank of England for guidance on future rate adjustments.
Eurozone: Focus turns to consumer confidence data and any hints from ECB officials regarding rate-cut timing.
Asia-Pacific: The Reserve Bank of Australia and Bank of Japan remain in focus, with yen volatility and Australian employment figures key for regional sentiment.
For a complete overview of upcoming releases, visit the FX TrustScore Economic Calendar.
Forex Pair Focus
EUR/USD: The pair continues to trade in a narrow range as markets weigh eurozone economic softness against a stabilising U.S Dollar. A surprise in U.S inflation data could break the current consolidation.
GBP/USD: Sterling remains sensitive to Bank of England commentary. Traders are watching for inflation signals that might influence rate expectations, particularly as the economy shows signs of slowing momentum.
USD/JPY: The yen (JPY) remains under pressure due to the wide interest-rate gap between Japan and the U.S Authorities in Tokyo continue to signal concern over volatility but have avoided direct intervention so far.
AUD/USD: The Australian Dollar’s (AUD) direction will likely hinge on employment data and commodity market trends. Any weakness in Chinese demand could weigh further on sentiment.
Commodities & Metals
Gold (XAU/USD): After a sharp rally to new highs, gold has pulled back modestly as the dollar is stabilising. Traders continue to view gold as a hedge against both inflation and geopolitical uncertainty.
Oil (WTI & Brent): Crude prices remain soft, reflecting weak industrial data and rising inventories. Analysts note that a sustained recovery would require stronger evidence of global demand growth.
Base Metals: Copper and aluminium prices have steadied following earlier declines, with supply-chain trends and Chinese import activity still key drivers for the week ahead.
Equities & Key Stocks to Watch
Tesla (TSLA): The electric vehicle maker reports earnings mid-week, with investors focusing on delivery volumes, profit margins and AI development updates.
Nvidia (NVDA): Market sentiment towards chipmakers remains upbeat following strong demand for AI infrastructure. Any hints of supply-chain adjustments could sway near-term performance.
Apple (AAPL): The company’s shares gained modestly last week. Traders are monitoring product cycle updates and broader tech-sector rotation trends.
Microsoft (MSFT): Stable performance continues to reflect the company’s diversified business mix, particularly in cloud and enterprise solutions.
Broker & Regulation Watch
Regulatory attention remains high across major markets. The U.S SEC and CFTC are jointly reviewing proposals to clarify oversight of leveraged products and extended trading hours. In Europe, the ESMA and FCA continue consultations on cross-border investment rules and marketing standards for retail clients.
Among brokers, several platforms have expanded access to multi-asset trading and new liquidity partnerships, aiming to offer clients smoother execution across forex and commodities. If you are looking for a reliable broker, you may wish to check our Best Forex Brokers selection, researched and rated by FX Trust Score experts.
Trader’s Key Takeaways
This week’s focus will be on inflation readings and policy tone from central banks. The US Dollar may hold firm if data remains resilient, while gold could consolidate near its highs as markets anticipate eventual rate cuts. Traders may continue favouring defensive positions until the direction becomes more clear.
Live Market Snapshot
Real-time charts for key markets featured in this week’s outlook.
We publish the latest news and FX Trust Score Weekly Market Outlooks in our dedicated Market News section.
