Good morning. In 2001, after the dot-com bubble burst, the Federal Reserve cut interest rates 11 times in a single year, bringing the federal funds rate from 6.5% down to 1.75%.

It was one of the most aggressive easing cycles in modern history, proof that when markets panic, the Fed reaches for the rate-cut button fast.

-Jonathan Kibbler, Shaun A, Jordon Mellor

MARKETS

Prices supplied by Google Finance as of 4:00am ET - stock prices as of close. Here is what the prices mean.

MARKET ANALYSIS

Stocks showed some stress yesterday.

After last week's sell off, Thursday delivered the worst day for all major US indices since early October.

Here’s what’s driving it.

Tech took a big hit.

The Nasdaq fell 2.29%, closing below its 50-day moving average for the first time since April.

Heavyweight stocks like Nvidia, Broadcom, Alphabet, and Disney dragged the index lower as investors started questioning whether AI valuations have run too far, too fast.

This was the biggest catalyst.

At the start of the week, markets were pricing a 63% chance of a December Fed rate cut.
Now? Around 51% basically a coin toss.

Why the sudden doubt?

A more cautious Fed is usually:
USD supportive
Equity-negative
Volatility-positive

This is exactly what we saw.

Although the record-long shutdown ended Wednesday night, the damage is done:

This uncertainty is already feeding into price action, and we should expect more erratic swings as data comes back online.

Bitcoin dropped to $98,072, the lowest level since May.

Even with positive regulatory news, crypto remains highly correlated when tech sells off, Bitcoin sells off harder.

Is this a sign that risk appetite is weakening across the board?

This wasn’t a normal red day, it was a change in tone.

The relationship between interest rates, tech stocks, crypto, and risk sentiment is tightening again.

That means the next few weeks could bring opportunity for those watching the key markets.

-Jonathan Kibbler

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NEWS

The dollar is walking into Friday on the back foot, heading for a weekly loss as traders pull back and wait for fresh U.S. data after the government reopened.

It’s not that the dollar looks weak, it’s the uncertainty. When the market has no clear read on the economy, positioning becomes lighter, patience grows, and the big moves get delayed.

Even higher U.S. yields and fading expectations of a December Fed cut weren’t enough to lift the greenback this week. And with stocks and bonds selling off, the whole market feels like it’s trading inside a fog, everyone’s moving, but slowly.

With the government reopened, all the missed economic reports will start hitting next week. That’s a lot of information arriving at once, and nobody wants to be over-positioned.

The dollar index is near 99.14, down about 0.4% for the week. This isn’t a bearish trend, it’s caution.

Several Fed members warned against rushing into more cuts, citing sticky inflation and a labor market that still looks steady. Normally, that kind of talk supports the dollar. But not this time.

Some analysts expect the upcoming reports to show real weakness. And since the unemployment rate may not even be released because of the shutdown, traders are dealing with partial information.

Rate-cut odds for December are just above 50%, but January is almost fully priced for a cut. That uncertainty keeps the dollar in limbo.

This week wasn’t about direction, it was about uncertainty.

The dollar isn’t breaking down. It’s waiting.

When the market can’t see clearly, nobody commits big positions. And with next week’s data expected to shift sentiment, today’s price action is simply preparation.

If you’re trading today, keep it simple:

Hold your levels.
Don’t force conviction.
Let the fog clear, the cleaner setups come after the data hits.

Next week will decide the tone.

-Shaun A

WATCH

CHART BREAKDOWN OF THE DAY (NZD/USD)

POLL

DAILY TRADING PSYCHOLOGY NUGGET

TODAY’S MOST TRENDING MARKET NEWS (NOVEMBER 14, 2025)

Global markets slid as hawkish comments from Federal Reserve officials extinguished expectations for a December rate cut, while weak economic data out of China deepened investor jitters and reinforced concerns over a fragile global recovery.(source:reuters)

GAMES

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Answer: AUD/USD $AUDUSD ( ▼ 0.75% )