It's all about Gold and other metals – Market wrap for the North American session - September 3

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Log in to today's North American session Market wrap for September 3

Today's session confirms the return of volatility ahead of Friday's US Labor data, as participants keep placing and unwinding their bets for the extremely consequential event.

In that aspect, metals have been rallying massively since the past two weeks and that comes as Markets really start to be afraid about the FED's Independence (despite Governors and FED Speakers doing their best to calm the situation).

Looking at Gold, the rally started after FED Chair Jerome Powell's switch in tone at his Jackson Hole speech: While every other asset classes have mean-reverted or ranged since, Silver, Gold, Platinum and other precious metals have rallied without pullback since.

In today's speech, FED's Waller reiterated his dovish views for the upcoming FED meeting (September 18) and, knowing that he is one of the favorites to become the next FED Chair after Powell's departure (given that he doesn't get fired), he maintained very balanced views.

He might really be the best for the job from what it seems.

Read More:

• Hesitant equities and (maybe) better relations between US and Canada — North American mid-week Market update
• Gold Hits All-Time High Amid Flight to Safety
• Dow Jones forms rising wedge ahead of NFP and FED's Waller comments on rate cuts – what it means for the index

Cross-Assets Daily Performance

Cross-Asset Daily Performance, September 3, 2025 – Source: TradingView

Except for metals, which continue to perform strongly (though gold saw some late-session profit-taking), the standout flows of the day came from a rebound in cryptocurrency altcoins, while oil — strong in recent sessions — lost momentum, falling 2.3% over the past 24 hours.

A picture of today's performance for major currencies

Currency Performance, September 3 – Source: OANDA Labs

Today's price action in FX was focused around mean-reverting yesterday's moves: The US Dollar is back at the bottom while the Pound saw some relief mean-reversion.

Overall, tomorrow's volatility is not a given (there are still a few key data releases to monitor), but currency markets should really see the action resume on Friday.

Take a look at our latest Dollar Index (DXY) analysis to spot levels for the USD ahead of Friday's action.

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.

As often, the session is not over yet for AUD traders who will have to monitor the Australian trade balance numbers, releasing this evening at 21:30.

Tomorrow's session is promising in terms of fundamentals which may exacerbate anguish ahead of Friday:

The early birds will assist to the European Retail sales data releasing at 5:00 A.M which may be interesting to see if things are picking up a while after the ECB cut rates back to 2%.

However, the day really starts with the North American session: 8:15 (A.M. ET) will see the release of ADP private employment data followed by the weekly Jobless claims at 8:30.

Later in the morning, the US will see Global PMIs (at 9:45 A.M.) followed by the heavier-influence ISM Services PMI at 10:00.

To compliment the data, Markets are awaiting comments from FED's Williams (voter every year as he's the head of the NY FED) and FED's Goolsbee (2025 voter), two influential FED members.

Keep an eye on any potential hints on Employment and their views for the upcoming FOMC.

Safe Trades!

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