Gold continues its rally, political turmoils in Japan and France – Market wrap for the North American session - September 8

Ben Graham · September 4, 2025

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

Sentiment was surprisingly positive in today's session with Japanese equities leading risk-assets (appreciating PM Ishiba's resigning?) and a few rebounds in cryptos.

Gold and Silver maintain their stellar rise in yet another buying wave. Political turmoil in France and Japan (Prime Ministers getting ousted in both countries) and the Israel-Hamas war continuing have assisted both metals in their ascent.

FX movement is still subdued, with Markets awaiting this week's US inflation data to attempt to solve the FED rate cut puzzle. Soft prints could easily point to a 50 bps jumbo-cut to restart the cut cycle.

The opening session to the North-American equity week has been ok, but not too great. The Nasdaq index has led US indices, propulsed by semiconductors and tech-firms (Broadcom, Oracle, Palantir) but the extent of today's move has also been reduced.

The trading week may only begin with Wednesday's PPI report, but keep an eye on the latest war headlines which could create some flows.

Cross-Assets Daily Performance

Gold continues its rally, political turmoils in Japan and France – Market wrap for the North American session - September 8 - ExpertFX School — Cross-Asset Daily Performance, September 8, 2025 – Source: TradingView

The session was very volatile for Oil, particularly after this weekend's largest ever Russian attacks that initially outweighed a higher than expected OPEC+ supply announcement. Sellers did lean on the upward pressure to deflate today's rise but oil is still up about 0.60% in today's session.

For the rest, metals outperformed and a few crypto names like Solana, Doge and XRP have lifted a mixed picture in digital assets.

As seen in the introduction, the FX and Equity picture has been subdued, but to resume simply, Equities are up with Japan's Nikkei leading and European stocks also enjoying the weekly open.

A picture of today's performance for major currencies

The US Dollar is largely the loser of today's session with the Kiwi really enjoying the idea of a weaker Greenback.

NZD had been one of the most heavily sold currency since July, with a lot of them recovering except for the antipodean.

Movement is still relatively small and the US Dollar is still holding its range, which implies that mean-reverting moves may still be prevalent until Wednesday's PPI and Thursday's CPI.

A look at Economic data releasing in tonight and tomorrow's sessions

Tonight and tomorrow's sessions should be pretty slow throughout except for some small data for the GBP and AUD.

Tomorrow evening's Chinese CPI data could be market moving, but for the rest, key participants are awaiting Wednesday.

Also, keep an eye for tomorrow's BLS revisions at 10:00 which will provide a lookback on data released since the beginning of 2025 and may largely impact sentiment if any big diversion materializes.

Safe Trades!

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