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NAGA Weekly Recap November 17 - 21, 2025

Volatility dominated markets with major moves in equities, FX, commodities, and crypto. Learn how the S&P, gold, USD/JPY, and Bitcoin reacted to economic data and U.S. unemployment claims.

Updated March 26, 2026

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Markets delivered another week of sharp swings, giving traders plenty to process as several major assets broke key levels before stabilizing. The S&P 500 briefly slid under 6,700 before buyers stepped in, while gold dipped below the psychological $4,000 mark before bouncing back into the middle of its range. In FX, GBP/USD tested 1.30 and EUR/USD remained under pressure. Bitcoin also felt the heat, dropping more than 7% and probing the $90,000 zone.

Alongside the technical moves, U.S. unemployment claims added another layer to sentiment, keeping traders cautious and selective. The dollar continued to strengthen, pushing USD/JPY to its highest level since January and putting weight on several major pairs. Oil stayed contained but choppy, with intraday swings keeping short-term traders alert.

With macro data in focus and price action uneven across the board, markets are heading into late November with a defensive tone—one that both seasoned and newer traders will want to respect as volatility stays in play.

It is important to remember to assess your financial situation and risk tolerance, before engaging in copy trading. Past performance and forecast are not reliable indicators of future results.

Macro Landscape Stays Volatile

U.S. data offered stability but limited momentum, while Europe remained soft with the DAX and FTSE drifting lower. The dollar stayed in charge, sending USD/JPY toward yearly highs as EUR/USD and GBP/USD stayed under pressure. With unemployment claims in focus, traders kept positioning tight. Bitcoin added to the defensive tone, sliding over 7% toward the $90,000 support zone.

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Global Indices Under Pressure

Equities faced another volatile week, with the S&P 500 briefly breaking below 6,700 and European markets lagging as the DAX fell around 3% and the FTSE 100 slipped 1.5%. Tech and cyclical names saw sharp swings, while defensives helped limit downside. With U.S. jobless claims on watch, traders kept exposure controlled.

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Commodities Show Big Swings

Commodities traded in wide but controlled ranges this week. Gold briefly slipped below $4,000 before bouncing back, while oil stayed volatile with frequent intraday swings amid changing demand expectations. Industrial metals remained quieter, and traders stayed cautious as the market tracked broader macro trends, including U.S. labor data.

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Dollar Strength Shapes Major FX Moves

The dollar stayed strong across major currencies, driving EUR/USD lower and pushing GBP/USD down 1% toward 1.3000 before buyers stepped back in. USD/JPY stood out, hitting its highest level since January as yen weakness continued. Commodity currencies lagged amid oil volatility, with FX positioning shifting around risk sentiment and U.S. unemployment data.

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IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.