Last week saw the release of several important global economic indicators. In the United States, crude oil inventories rose sharply by 6.413 million barrels, exceeding expectations. In the Eurozone, industrial production recorded slight growth of 0.2%, below expectations but better than the previous reading. In the United Kingdom, the unemployment rate increased to 5.0%, reaching its highest level since 2021, while wage growth, GDP, and industrial production all declined noticeably. In Australia, the unemployment rate fell to 4.3%, accompanied by stronger-than-expected job gains. Data from China was mixed: industrial production, retail sales, and fixed-asset investment all slowed, while unemployment edged slightly lower, and new bank loans fell sharply in October.
Market analysis
GBP/USD
The GBP/USD pair came under pressure last week, closing at 1.3172 on Friday, 14 November. Despite recent declines, the pair remains up by about 5% year-to-date. Recent UK economic data continues to show signs of weakness, with rising unemployment, a decline in total earnings (including bonuses), lower GDP, and a drop in monthly industrial production. The Relative Strength Index (RSI) is currently around 43, indicating negative momentum for the pair.
Nvidia
Nvidia’s stock has risen around 42% year-to-date. Markets are awaiting the company’s financial results, due on Wednesday, 19 November 2025. Expectations point to earnings of 1.2 dollars per share, compared with 0.81 dollars previously, while revenue is forecast to reach 54.27 billion dollars, up from 35.1 billion dollars. The MACD indicator shows a bearish crossover between the blue MACD line and the orange signal line, reflecting negative momentum in the stock.
Silver
Silver prices rose by about 4.57% last week, reaching 54.40 dollars on Thursday, 13 November 2025, the highest level since 17 October 2025 at 54.48 dollars. Prices are also up roughly 75% since the beginning of the year. Despite recent fluctuations, medium- and long-term expectations remain bullish due to strong industrial demand, increased usage in artificial-intelligence-related applications, and the positive correlation with gold. However, silver continues to face volatility driven by uncertainty over the future path of US interest rates, especially ahead of the Federal Reserve meeting on 10 December. Markets currently expect a 50% chance of a rate hold, down from more than 90% expectations of a rate cut just a month ago, which adds pressure on silver as a non-yielding asset. The RSI currently stands at 55, indicating positive momentum, while the MACD shows a bullish crossover, supporting the continuation of upward momentum.
CAC40 Index
The French CAC40 index rose by 2.77% last week, reaching 8,314 points on Thursday, 13 November 2025, its highest level on record. The index has gained about 23% from the low of 6,764 recorded on 7 April 2025 to the recent peak, and it is up around 11% year-to-date. The RSI is currently at 55, within the buy zone, indicating continued bullish momentum.
Key events this week
Markets are awaiting several important economic indicators this week:
• Monday: GDP and industrial production in Japan, GDP in Switzerland, the New York Empire State Manufacturing Index, and Canada’s CPI.
• Tuesday: US industrial production.
• Wednesday: Export and import data from Japan, Australia’s wage price index, CPI data from the UK and the Eurozone, US crude oil inventories, and the Federal Reserve meeting minutes.
• Thursday: The People’s Bank of China’s key lending rate, the Philadelphia Fed Manufacturing Index, and US existing home sales.
• Friday: Manufacturing and services PMI readings from Australia, Japan, the UK, the Eurozone, and the United States, in addition to Japan’s CPI, retail sales in the UK and Canada, and the US Michigan consumer sentiment index.
Please note that this analysis is provided for informational purposes only and should not be considered as investment advice. All trading involves risk.
