A new week brings a busy line-up of data, earnings and market events across forex, equities and commodities. Our Weekly Market Outlook breaks down what traders should watch and why it matters.
FX Trust Score Weekly Market Outlook – FX, Tech Stocks & Commodities Under the Spotlight
Week Ahead: 17 – 21 November 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. It is a trusted source, designed for clarity and relevance and provides traders with a concise overview of what is driving global markets. Here’s what traders are watching in the days ahead.
Last Week in Review
Last week, the markets saw a rebound in equities after signs of progress toward ending the U.S government shutdown sparked relief across global indices. Tech stocks rallied briefly, commodity currencies stabilised and gold gained on safe-haven flows. The U.S dollar steadied as yields rose and data delays eased. With risk appetite returning, markets ended on a constructive note, but the gathering schedule of data releases means volatility may lie ahead.
The Week’s Key Events
For the week ahead: 17-21 November 2025
This week brings a heavy dose of macro-economic and corporate activity. Traders in the United States will watch inflation (CPI), producer prices and major tech earnings, all of which could provide clues on the next move for the Federal Reserve. In Europe the focus turns to Q3 GDP and inflation readings, whilst updates from the Bank of Japan on monetary policy and Japan’s industrial-production data may move the yen. In Asia and Australia, China trade figures and Australian CPI may impact commodity-linked currencies.
Why it matters: With such a packed docket, small surprises could spark outsized market reactions across FX, equities and commodities.
Forex Pair Focus
EUR/USD continues to trade near 1.13, facing headwinds from a resilient dollar and cautious euro-zone sentiment. A breakout above 1.1380 or a drop back toward 1.1250 could set the tone for the rest of the week.
GBP/USD looks vulnerable around 1.27, with the pound waiting for clearer signals from the Bank of England and UK growth data. A stronger US dollar could keep the pound under pressure.
USD/JPY remains around 149.70, as traders bet on whether Japan’s policymakers will intervene amid the yen’s weakness. A sharp move either way would reverberate across carry trades and other Asian FX pairs.
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Commodities & Metals
Gold (XAU/USD) is holding firm near US$4,200 per ounce on safe-haven flows, but the strong dollar is keeping gains in check. A break above US$4,250 could reignite momentum.
Oil (WTI/Brent) is steady in the US$75-US$80 range, as supply concerns compete with weaker demand signals from Asia. Traders will watch inventory data and OPEC commentary closely.
Base metals and commodity-currencies (AUD, CAD) are under the spotlight as demand hints from China and inflation data will influence bullion and energy flows.
Equities & Tech Watchlist
Tesla (TSLA) remains a key risk-sentiment barometer ahead of its shareholder meeting; any surprise may ripple across growth stocks.
Nvidia (NVDA) continues to command attention as the AI leader. Guidance or earnings missteps could impact the broader tech complex.
Apple (AAPL) & Microsoft (MSFT) report this week; strong results could restore confidence, whilst caution may fuel rotation out of growth names.
Trader’s Takeaway
This week demands focus and discipline. With marquee data, earnings and policy updates on the agenda, markets may respond strongly to small surprises. The US dollar’s direction, tech earnings outcomes and commodity flows will likely set the tone for both FX and equity strategies. Traders should stay nimble, define risk-limits and pay careful attention to headlines rather than reacting blindly to price swings.
We publish the latest news and FX Trust Score Weekly Market Outlooks in our dedicated Market News section.
