Markets rally ahead of NFP and Miran testifies– Market wrap for the North American session - September 4

[Ben Graham]

Log in to today's North American session Market wrap for September 4.

We can blabber all we want about the FED's independence and how it affects markets (in short, it really does, look at metals performance in the past two weeks), but the main idea is that Markets really are just messing around ahead of tomorrow's quintessential Non-Farm Payrolls.

About the FED's independence, Stephen Miran, who is currently Chair of the Economic Advisers for the White House, testified as he will be starting to occupy the role left from the recently departed FED Governor Kugler.

His testimony was interesting to say the least, very loyal to the Trump Administration's words.

One of the most curious thing was his words about how the current migration policy is deflationary (housing pressures down) while tariffs are just a one-off kick to inflation.

He still did emphasize the FED's independence, but words are just words, we will see how he approaches future interviews.

The FED Blackout period (when no words can be said about economic or financial policies by Federal Reserve members) begins tomorrow evening; Expect many surprise FED interviews in tomorrow's session.

Read More:

• US Indices all regain their recent tops as fears for tomorrow's data abate – Key levels for the Dow, S&P 500 and Nasdaq ahead of the NFP
• Silver nears its all-time highs, where to look next? XAG higher timeframe outlook
• NFP Preview: US Jobs Report & Implications for the DXY, Gold (XAU/USD) & Dow Jones (DJIA)

Cross-Assets Daily Performance

Cross-Asset Daily Performance, September 4, 2025 – Source: TradingView

North-American equities got a huge boost while Cryptos have corrected sharply (still holding their relative lows detailed in our most recent Crypto Market analysis).

Metals didn't move any further today as commodity traders are all looking at each other (and they are all looking at the US Dollar) ahead of tomorrow's NFP.

A picture of today's performance for major currencies

Currency Performance, September 4 – Source: OANDA Labs

The Forex Market has been an absolute snoozer since mid-August, as all eyes are turning to metals.

The lack of action in the US Dollar strengthens this trend, but things should change heavily after tomorrow.

Look at the US Dollar (Dollar Index, DXY) to spot how FX markets interpret tomorrow's data.

With the most recent consolidation, look for breakouts above or below the range.

You can access the details of the range right here.

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.

The late Thursday session still has a couple of items left for JPY traders, with Japan’s Labor Cash Earnings (19:30 ET) closing out the day.

Friday, however, is where markets’ attention is fully centered.

The European session opens with German Factory Orders (02:00 A.M. ET) followed by UK Retail Sales numbers, while at 05:00 A.M. ET, the Eurozone posts both its Q2 Employment Change and GDP estimates.

The spotlight, though, shines on North America at 08:30 A.M. ET:

The U.S. Non-Farm Payrolls release (check out our previews), alongside unemployment rate and wage data, whichwill dominate market sentiment.

This is the key release of the week and is expected to set the tone for Fed policy expectations into the September FOMC.

At the same time, Canada delivers its August Employment Report, including wage growth, net employment change, and the unemployment rate, so keep an eye on the Loonie!

Later in the morning, Canada also publishes the Ivey PMI (10:00 A.M. ET), offering another layer of insight into domestic business activity.

Get ready for an active session.

Safe Trades!

Follow Elior on Twitter/X for Additional Market News and Insights @EliorManier

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2025 OANDA Business Information & Services Inc.