Middle East tensions arise again and US labor data corrects further – Market wrap for the North American session - September 9

[Ben Graham]

Log in to today's North American session Market wrap for September 9

The past few days have awakened another wave of uncertainty in the Middle East. Israel has led attacks against Hamas leaders in Doha, Qatar.

These headlines have stirred up further tensions with many political leaders denouncing the attack – The US was apparently not warned and Qatari air defenses hadn't seen any warning of air intrusion (bizarre).

Oil surprisingly hasn't budged at all from the news – either the Market totally discounts war headlines anymore or participants estimate that this would not escalate.

In North-America, labor markets seem to keep degrading from the tense Tariff policies as the (not-very market moving) US BLS employment revisions sent another degrading picture of the US labor market.

Total employment creation since March 2025 has corrected by above 900K.

The initial reaction was one of a USD short-lived correcrion and indices doubting at their relative highs.

However, participants are starting to truly believe in bigger cuts, as US Indices finish the day at their daily highs.

Read More:

• Dollar Index (DXY) faces a key test from upcoming PPI and CPI – potential reactions
• Canadian Dollar under pressure from soft employment figures – CAD outlook

Cross-Assets Daily Performance

Cross-Asset Daily Performance, September 9, 2025 – Source: TradingView

Markets offer us a very unusual asset picture today: Gold, US Bonds and cryptocurrencies are down while Equities and the US Dollar both finish green.

This comes even after the revised data and the Middle-East headlines. Markets are not considering war headlines anymore!

A picture of today's performance for major currencies

Currency Performance, September 9 – Source: OANDA Labs

The US Dollar saw a V-shape reversal overnight saving the currency from a range breakdown.

The JPY and Japanese Stock indices also seem to really power through since PM Ishiba's resignation.

On the other side of a reawakening FX picture, the CHF and the Euro are at the bottom of today's list.

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.

Tonight will see the release of China’s inflation prints at 21:30 ET. These numbers will feed directly into an actual Chinese economic recovery amid growing deflation.

The real spotlight however falls on Wednesday’s U.S. session.

At 08:30 A.M. ET, the market will receive a full set of PPI data (both headline and core expected at 0.3%) for August.

Coming just a day before CPI, these figures carry heavy weight in shaping inflation expectations and should stir volatility across both bonds and FX.

Finally, the evening session brings attention back to the Pacific, where at 19:15 ET, RBNZ’s Deputy Governor Hawkesby is scheduled to speak.

His remarks will be closely monitored for any policy clues, particularly given the recent pressures on the New Zealand dollar and the cut already priced in for the next meeting.

With U.S. inflation dynamics in the spotlight and central bank commentary closing the day, tomorrow’s session holds the potential for meaningful repricing across global markets.

Safe Trades!

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