Retail sales cast doubts in a calm session – North American Market wrap session for February 10

Ben Graham · February 10

Log in to today's North American session Market wrap for February 10

Today's session was, as expected ahead of tomorrow's quintessential Non-Farm Payrolls release, a relative snoozer.

As warned in our previous session's Wrap, it would have been surprising to see continuous flows ahead of what could be the most important Labor release since August 2025.

A few warning signs had been sent by the private and weekly jobs data received throughout last week, and traders surely reduced their short-term long and short positioning to the minimum when looking at today's low-volatility session.

Ranges for tomorrow's release are huge, but except for a -10K extreme, analysts and banks found a consensus for a below 100K release (official consensus at 70K).

Looking at Banks predictions doesn't infer too much. However, it allows to form tail-risk scenarios.

If the actual answer is below 10K, except swift repricing across assets and rate cut pricings.
Any beat above 140K would surely drop all pricings for cuts in a sweep.

Equities did not maintain their broad gains, confirming the thesis of short-covering ahead of the data.

The Dow Jones remains above 50,000, sending signs of confidence for the data, while Nasdaq and S&P 500 gave up a small part of their gains.

Metals have also remained in a range, well above their past week lows but also failing to provide a clear momentum higher. Tomorrow's session close will be very important for the next phase.

Cross-Assets Daily Performance

Retail sales cast doubts in a calm session – North American Market wrap session for February 10 - ExpertFX School — Cross-Asset Daily Performance, February 9, 2026 – Source: TradingView

A very muted profit-taking session around asset classes – Only US Treasuries showed some interest with them rising again in today's session after the much softer retail sales.

The key test will be tomorrow.

A picture of today's performance for major currencies

The Japanese Yen is really showing quite a reversal after Takaichi's snap election wins. Traders express their concerns for the intervention threat, but this could also largely be some profit-taking flows turning into a new trend lower.

Major Earnings in Tomorrow's session

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

Traders are getting ready for the most important Non-Farm Payrolls report in a while. Get ready for immense reactions, particularly if it sends a negative report!

Don't forget to check out our NFP Preview right here.

Safe Trades, keep a close eye on Middle East headlines and flows!

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