Poland gets attacked by Russia, PPI misses sharply – Market wrap for the North American session - September 10

[Ben Graham]

Log in to today's North American session Market wrap for September 10

Tensions around the world keep increasing, with Russia sending 19 drones overnight to attack Poland from Belarus.

A consequent diplomatic shower followed with the usual condemnations. However, what attracted attention was the "Here we go" post from US President Trump, awakening Markets, particularly in the precedingly dormant US Oil.

A popular American conservative activist, Charlie Kirk, was also tragically shot at a rally in another round of political madness.

Between a revolution in Nepal and France going through gigantic protests against French President Macron, economic uncertainty and a flood of negative headlines are awakening civil unrest around the globe.

For good news however, US Producer Price inflation is far from as bad as expected as they regressed on a month-over-month basis (-0.1% vs 0.3% exp).

This would help the FED in affirming that the effects from tariffs would have more of a short-term effect on inflation rather than a prolonged one.

Most participants are still awaiting for tomorrow's CPI release as more stats will be taken into consideration for the extent of next week's FOMC rate cut.

Read More:

• Bringing back the cuts to US and Canada, US CPI preview — North American mid-week Market update
• Chaos in Eastern Europe – Oil (WTI) prices lagging the move?

Cross-Assets Daily Performance

Cross-Asset Daily Performance, September 10, 2025 – Source: TradingView

Cryptos were the most appreciative of the good PPI report, however a story might be in the back of the huge pre-data rise (look at ETH and BTC around 7:30 A.M.) though I haven't been able to track its source.

Oil did also see a large 1% rebound after the Trump tweet mentioned in the introduction.

For the rest, equities seem to have lost some steam after a great beginning to the session (notably with Oracle shooting higher by 42% due to its expected huge cloud-generated profits).

This particularly concerned European equities which got hurt from the not-too-great European sentiment and headlines.

A picture of today's performance for major currencies

Currency Performance, September 10 – Source: OANDA Labs

Antipodeans (AUD and NZD) were the best performers of today's FX session, profiting from their regional position (they are pretty far from most of the madness happening in the Occident) and also receiving a boost of expected activity from the huge miss on the Chinese CPI data.

More expected stimulus for China tends to positively impact the Kiwi and the Aussie as China is both NZ's and Australia's largest economic partner.

The CHF, CAD and Euro however did not have as much fun, all finishing down against their peers in today's currency 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 the trading day concludes, attention shifts to the Pacific, specifically to the Reserve Bank of New Zealand (RBNZ), where Deputy Governor Hawkesby is set to speak at 19:15 ET.

His comments will be closely scrutinized for any indications regarding future monetary policy, especially considering the recent depreciation of the New Zealand dollar and the anticipated rate cut at the upcoming RBNZ meeting (October 8).

However the real deal starts tomorrow, with the ECB Rate Decision at 8:15 (expected to hold rates at 2%) but most importantly, the US CPI (8:30 A.M. ET) which is feared to reflect past month's Produce Prices rise.

Both the Headline and Core data are expected to rise by 0.3%.

Euro traders will also have to focus on the following ECB Press conference for future indications, coming up at 8:45. The European Central Bank is not expected to cut anymore this year.

Given the prevailing focus on U.S. inflation trends due to tariffs, tomorrow's session could mark significant asset repricing.

Safe Trades!

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