Classic pre-FOMC trading – North American session Market Wrap for December 8

Ben Graham · December 8, 2025

Log in to today's North American session Market wrap for December 8

Today's session was victim of classic pre-FOMC trading:

Volatile but low magnitude moves due to some traders cutting their positions at the last minute
Some assets and/or currencies just seem dead.

There hasn't been much data to help volatility today and the same can be said tomorrow.

In terms of economics, the Trump Administration seems to be moving towards a new TACO with tariffs on Canadian fertilizers.

But more importantly for Stocks, particularly Nvidia, the US just pulled the restrictions on H200 Chips, essential for AI Models.

On Ukraine, Zelenskyy communicated some positive words about recent Europe-Ukraine talks in London, but the market still awaits further developments.

Cross-Assets Daily Performance

Classic pre-FOMC trading – North American session Market Wrap for December 8 - ExpertFX School — Cross-Asset Daily Performance, December 8, 2025 – Source: TradingView

Everything got pulled by the mean-reversion move in the US Dollar – The Greenback is the only asset higher on the session.

A picture of today's performance for major currencies

Very low volatility in FX Markets, but an interesting move in the US Dollar has materialized:

The Dollar Index still respects its high timeframe range – Check out our recent analysis of the Greenback right here.

A look at Economic data releasing throughout this evening and tomorrow's sessions

The evening session offers some interesting developments for AUD traders:

A high-expectations RBA Rate Decision (11:30 p.M. ET) will be on the watch with the latest round of high-inflation data released for Australia.

Traders will be watching closely for communications on potential hikes! Cuts will surely be out of the way for now. Interesting developments there.

The current Cash Rate is at 3.60% and no change is expected.

Tomorrow's session (Tuesday) is packed with high-tier US labor data and European rhetoric.

The early morning session will feature ECB's Nagel (04:00 A.M. ET) and BoJ Governor Ueda (05:00 A.M. ET) speeches. Any commentary on inflation or global growth will move the Euro and Yen.

The North American Session will be dominated by labor market health checks:

ADP Employment Change (09:15 A.M. ET): This report is a key measure of the private sector labor market. The previous official report showed private employment unexpectedly declined, making this release a crucial indicator of current hiring trends.
JOLTS Job Openings (11:00 A.M. ET): This reading of job vacancies provides a measure of labor demand and tightness. Consensus is expected around 7.2 million.

The evening will however be the most important:

China CPI and PPI (09:30 P.M. ET): This is a high-impact release for global markets and AUD/NZD. The Consumer Price Index (CPI) and Producer Price Index (PPI) releases will confirm whether China is successfully battling deflation (PPI) while maintaining stable consumer price growth (CPI).

Safe Trades!

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