Trump–Putin meeting begins – Market wrap for the North American session - August 15

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Log in to today's North American session Market wrap for August 15

Today, US data showed some resilience yet again with the Retail sales coming as expected at 0.5%, with Markets selling the USD in the period that followed.

The current session has been a weird one, with almost everything linked to the US going down: Bonds, Cryptos, Equities, even US Oil have went down (except for Yields, logically) – This gives Stagflation impressions.

This comes as Markets were preparing for the currently ongoing Trump-Putin Meeting that doesn't seem to be going terribly – Trump mentioned he would step out of the meeting if he deemed it was not going well, thing he hasn't done just yet.

Putin got his pill of free press with chaotic questions leading to chaotic answers – it would be a lie to say that this is surprising.

Stay connected for the headlines on the Trump-Putin Meeting, most easily accessible sources would be on X (not always accurate however–watch out for fake news)

For the rest, the University of Michigan inflation expectations have risen quite strongly amid the imposition of tariffs that are starting to have their impact.

It will be key to look at how FED speakers react to that, and the answer might not be the one that supports Trump's plead for lower rates.

There will be a few important ones speaking next week, and with the Jackson Hole Symposium, there's a lot of cvoncurrent headwinds for volatility.

(I invite you all to get prepared for the upcoming week with out Markets Weekly Outlook!)

Read More: Markets Weekly Outlook – Jackson Hole, NZ Rate Decisions and UK/EU Inflation data

Cross-Asset Daily Performance

Cross-Asset Daily Performance, August 15, 2025 – Source: TradingView

With almost every commonly traded assets down in the past 24 hours, it would be nice to see where the money is acutally going.

Only Coffee, a less commonly traded commodity has been having quite a decent run.

A big move could be in preparation.

Also watch for the ongoing flows of Equities, Bonds and USD selling at the same time – This is a stagflation trade, and everyone hopes it doesn't become a trend.

A picture of today's performance for major currencies

Currency Performance, August 15 – Source: OANDA Labs

It was not the most market-moving day in Forex, however the Euro and the Yen are two strong performers.

It seems that markets are pricing in an easier path ahead for the war in Ukraine, but much has still to be done.

The USD and CAD are the two losers of the session, yet again.

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.

Monday will be empty of much economic data, be there might still be some geopolitcial news to chew on – Particularly with the Trump-Putin Meeting.

Remember that volatility is a self-defeating prophecy! (It is when you expect it the least that it makes the most damage!)

Safe Trades and an enjoyable weekend!

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