Reflecting on 2025: The Forex and Commodities Markets Recap

In 2025, global and domestic markets experienced sharp divergences. Lebanon’s NEER and REER both declined, driven by a weakening US dollar and easing domestic inflation. Internationally, the US dollar posted its worst annual performance since 2017 due to interest‑rate cuts, policy uncertainty, and rising fiscal concerns. Meanwhile, precious metals, especially gold and silver, recorded extraordinary gains amid geopolitical tensions, falling rates, and global demand for safe‑haven assets. In contrast, crude oil markets weakened significantly under the weight of excess supply and lower than expected demand. This report explores these dynamics in detail across currencies, precious metals, and energy markets, and outline expectations for 2026.

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