Non-Farm Payrolls send markets on fire – Market wrap for the North American session - September 5

[Ben Graham]

Log in to today's North American session Market wrap for September 5.

Today finally met the eternal weeks of waiting for this month's Non-Farm Payrolls release. And the report was not good.

You can access the details of the report right here.

Markets were preparing to a slowdown after a week of labor data pointing toward a slowdown in hiring and job openings, with rate cut expectations lifting risk-assets from the past week's tumble.

However, the harsh reality of tariffs hitting the market may now awaken a deeper fear of a longer-run economic stagnation for the US, as the FED may really have been a bit late to the curve to resume the sparse cutting cycle which delivered an initial cut a year prior.

Initially, all assets appreciated from the downbeat US Dollar, but as participants digested the numbers, US Equities tumbled and the gold/bonds duo got lifted higher.

All the daily moves have seen some form of profit-taking stop to them, but overall, the picture and tone really have changed since this morning.

Read More:

• Markets Weekly Outlook – Moving forward from NFP, onto Inflation week

Cross-Assets Daily Performance

Cross-Asset Daily Performance, September 5, 2025 – Source: TradingView

Except for Bonds which posted a very unusual strong performance (logical due to the renewed cut pricing and downbeat economic projections), the usual suspects to diversify from the US Dollar have performed strongly in today's Non-Farm Payrolls session.

Decreasing prospects for economic activity added to yet-another increase in OPEC+ Supply has sent oil back to its 2-week lows. Some details on this coming up next week.

A picture of today's performance for major currencies

Currency Performance, September 5 – Source: OANDA Labs

Both North-American currencies in the USD and CAD have got destroyed from their weak labor reports.

As a matter of fact, the Canadian Dollar saw another wave of selloff towards the end of the afternoon while the USD pulled back a little.

The NA labor data did help antipodeans like the NZD, best performer of the session and the CHF which keeps feasting on USD weakness despite their deflationary numbers.

The JPY also appreciated the lower rate prospects for the US, third best performer on the session.

A look at Economic data releasing on Monday's session

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

The new week kicks off with a heavy dose of Asian data.

On Sunday 19:50 ET, Japan publishes its Q2 GDP figures (quarterly and annualized), alongside the GDP deflator and July Current Account. These will set the tone for JPY traders early in the session.

At 23:00 ET, the focus shifts to China with August’s trade balance, including exports, imports, and the USD-denominated balance. Given recent concerns over global demand after today's downbeat NFP report, these numbers will be closely scrutinized.

Heading into Monday, Europe opens with German Industrial Production and Trade Balance data at 02:00 A.M. ET, followed shortly after by the Eurozone Sentix Investor Confidence (04:30 A.M. ET). These should give a clearer picture of whether sentiment in the bloc is stabilizing after recent soft patches, as markets will also prepare for the ECB rate decision on Thursday.

Later in the day, the UK releases BRC Like-for-Like Retail Sales (19:01 ET), followed by Australia’s Westpac Consumer Confidence (20:30 ET), wrapping up the session for AUD watchers.

Despite the more precise economic outlook traders should receive after the Chinese trade data, next week will really focus on the US inflation data starting Tuesday.

Safe Trades!

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