Weekly Market Summary (August 11–15, 2025)

1. Forex – The US Dollar and Major Currencies

The US dollar fell significantly on Thursday, August 14, driven by expectations that the Federal Reserve will begin cutting interest rates, especially after Goldman Sachs projected three cuts of 25 basis points this year, and Treasury Secretary Scott Besent’s remarks about a possible 50 basis point cut in September.

Amid these developments, currencies such as the British pound and the US dollar/Japanese yen pair saw gains, with the yen rising to its highest level in three weeks, and the pound among the winners against the dollar.

The British pound strengthened against the dollar due to expectations of a rate cut by the Bank of England, further reinforced by the Treasury Secretary’s call for a major cut the following week.

2. Gold

Gold rose slightly on Friday, August 15, to around $3,341.90 per ounce, supported by a weaker dollar, but it is on track for a weekly loss of about 1.5% due to stronger-than-expected US Producer Price Index data (3.3% year-on-year), which reduced expectations for a major rate cut.

Gold also came under pressure from declining chances of large near-term rate cuts, especially after the Federal Reserve Bank of St. Louis President rejected the idea of a 50 basis point cut.

According to analysts’ estimates, gold is moving within a narrow range, and the overall trend points to a slight weekly loss despite resilience in some other commodities.

3. Oil

Brent crude fell during the week to around $66 per barrel, closing at $66.08 on August 15, down about 1.14% from the previous day.

Geopolitical tensions and the outcome of the Trump-Putin summit in Alaska drew market attention. A settlement could continue to pressure prices toward below $60, while a failed summit or tighter sanctions could push prices above $80 and possibly up to $90.

Futures market activity data indicated a decline in trading volume in the oil market on August 15, with open interest decreasing, which may reflect reduced speculative interest or profit-taking.

Oil prices remained volatile amid a clear divide between strong bullish and deep bearish scenarios.