📰Last week (9th – 14th November) markets were driven almost entirely by the U.S. dollar, as political uncertainty from the ongoing government shutdown, shifting Fed expectations, and uneven global data created a fragile macro backdrop. With official U.S. releases still frozen and traders relying on policy tone and yields for direction, the dollar lost some momentum — a shift that echoed across EUR/USD, USD/JPY, Gold, and NQ futures. As we head into the week of the 16th – 21st of November, the same theme persists: the dollar remains the fulcrum, and every major asset we track is now moving in response to how the market prices U.S. risk, policy, and the timeline for reopening the data calendar.
DXY (Dollar Index) Weekly Projection on the Hourly Chart
🗞️What Happened Last Week
The U.S. shutdown dragged on, but whispers of a deal boosted risk-taking and softened demand for the dollar.
With U.S. data frozen and recent releases turning weaker, markets leaned back toward rate-cut expectations, putting further pressure on the dollar.
Meanwhile, Japan and others kept policy loose, sharpening divergence and adding volatility to FX flows.
As the dollar wavered, markets recalibrated: equities steadied, gold surged, and risk assets regained momentum.
📝Why It Matters
When the dollar slips, EUR/USD rises, USD/JPY cools, gold catches a bid, and tech futures like NQ rally — and last week was a clear example of that dynamic.
But if the dollar snaps back on hawkish Fed tone or renewed safe-haven demand, the entire cross-asset picture flips instantly.
Everything now hinges on one thing: the dollar’s next move in a tug-of-war between policy expectations and political uncertainty.
With that backdrop in place, we can now look at how each asset reacted — and where it may head next. EUR/USD, USD/JPY, Gold, and NQ all moved differently last week, but every move came back to one thing: the dollar losing momentum 💵📉.
Let’s break them down.