US CPI boosts US Equity sentiment – Market wrap for the North American session - September 11

[Ben Graham]

Log in to today's North American session Market wrap for September 11

Markets woke up to a fresh jolt after the US CPI release, which came in broadly as expected at 0.3% MoM, but nonetheless shifted sentiment.

The immediate reaction saw the US Dollar tumble, only to settle back into its recent support range, leaving traders guessing on the next breakout.

In contrast, US equities surged, with the Dow Jones, Nasdaq and S&P 500 pressing fresh all-time highs, as optimism for a 50 bps FOMC cut keeps creeping back into the picture.

The FED Watchtool is showing mixed pricing for the upcoming meeting and participants now await for any comments from WSJ's Timiraos for any further signs.

Ethereum and the broader crypto market, however, remain hesitant, unable to mirror the ecstatic risk appetite driving equities – consolidation continues, waiting for a stronger catalyst.

Markets will now turn even more impatient for next week's FED Meeting (September 17th) amid the ongoing blackout period which prevents Federal Reserve speakers from commenting on Policy and Economic outlooks.

Read More:

• Ethereum tries to gather momentum after the CPI report
• US Indices open higher after the US CPI report – Dow Jones and S&P 500 technical outlook
• A hesistant FX Market after the as-expected September CPI release – Technical levels

Cross-Assets Daily Performance

Cross-Asset Daily Performance, September 11, 2025 – Source: TradingView

Volatility in the past 24 hours has stayed relatively restrained despite initial strong reactions.

Ethereum saw most if its gains before the 8:30 release. Consequently, Equities took the podium.

Gold and US Bonds posted a strong initial reaction but gave back most of their games in a risk-asset rebalancing.

A picture of today's performance for major currencies

Currency Performance, September 11 – Source: OANDA Labs

The US Dollar got rejected after the CPI which coincides again with the ongoing rate cut-pricing theme and finishes the lowest of majors after a gradual but persistent selloff.

The DXY is still hanging at the lows of its most recent range.

With the three sessions left before the biggest FOMC meeting in years, it will be interesting to see if participants end up taking a directional bet until then.

The AUD is at the other end of the FX picture, seeing a consequent rise in the past two sessions and snatches new highs on the year against the US Dollar.

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

For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

Some calm markets could be expected looking forward amid a lack of much market-changing data.

Keep an eye on tomorrow's University-of-Michigan inflation expectations (10:00 A.M. ET) as today's CPI report will affect the way participants will consider forward looking tariff effects.

GBP traders will have to stay awake for the 2 A.M. UK GDP report – This may provide a kicker to the dormant FX market.

The action may just await for next Wednesday's FOMC to really get going again.

Safe Trades!

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