Key Takeaways
- Markets drifted higher as traders grew more confident that the Fed is planning for a December rate cut.
- Putin hinted at a possible opening in Ukraine talks while keeping pressure on the battlefield.
- The dollar eased over the week as the yen firmed, with traders watching for signs of Japanese intervention.
- Bitcoin held above 109K, supported by softer dollar moves and lighter trading.
On November 27, 2025, markets drifted higher as investors showed greater confidence in a Federal Reserve rate-cut next month.
With U.S. markets closed for Thanksgiving, activity was light, but the softer dollar and growing expectations of easier policy helped support sentiment and kept Bitcoin trading above recent lows.
On the diplomatic front, talks around Ukraine were the main focus of the day, as Russian President Vladimir Putin said that the peace deal discussed by Washington and Kyiv could potentially lead to a future agreement, while stressing that Moscow would continue fighting if negotiations fail.
Putin repeated that Ukrainian troops would need to withdraw from contested areas and again questioned the legitimacy of Kyiv’s leadership, making a formal deal difficult in Moscow’s view.
The comments offered a narrow opening for diplomacy, though they also underlined Russia’s willingness to press ahead militarily.
On the economic front, investors focused more on interest-rate expectations than new data, as U.S. releases remain delayed after the long government shutdown.
Recent notes from Federal Reserve officials, such as Mary Daly and Christopher Waller, have strengthened the view that inflation is easing enough to justify a cut.
The weaker rate outlook kept pressure on the dollar, pushing it down for its biggest weekly drop in months. The yen strengthened toward 156 per dollar as traders picked up on a slightly tougher tone from the Bank of Japan and stayed alert for possible intervention.
Meanwhile, the euro slipped after hitting a recent high, while the Swiss franc held steady as investors continued to treat it as a refuge amid uncertainty over Ukraine.
Pablo Hernández de Cos who leads the Bank for International Settlements as its new head identified heavy government-bond market leverage from hedge funds as a rising financial instability factor. He warned about zero-haircut repos which enable big leveraged trades, recommending regulators to establish minimum haircuts and expand central clearing operations.
In Britain, Bank of England policymaker Megan Greene said the government’s plan to cut household energy bills could help ease inflation expectations, though she remains concerned about wage growth.
In Crypto, Bitcoin edged up to about $91,300 in what traders called a quiet session, with activity slowing because of the U.S. holiday. Ethereum held near $3,010 and Solana around $141, moving in the same pattern as the rest of the market, with no major catalyst pushing prices one way or the other.
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