A clean risk-on session to conclude the CPI week (weekend risk incoming?) – Market wrap for the North American session - September 12

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Log in to today's North American session Market wrap for September 12

The inflation picture is settling down, with consecutive PPI (-0.1% vs 0.3% exp) and an as-expected CPI reinforcing the view that tariff effects are translating into one-off price shocks rather than a lasting trend.

Since then, risk assets have surged, led by a two-day equity rally that spilled over into a massive breakout in the crypto market.

(Still, watch the ongoing risk-off move happening as the week closes and traders secure profits, this is week-end risk happening)

A picture of the afternoon rally in the crypto Market, September 12 – Source: Finviz

(I invite you to check our latest Crypto analysis to check how things have evolved since the morning session)

Meanwhile, higher tariffs from Russian oil importing nations haven't fazed commodity traders, with oil prices largely correcting into the afternoon.

Going towards the weekend, risk appetite stays firm as traders shrug off geopolitical noise and set their sights squarely on next Wednesday’s FOMC.

(EDIT: As I am writing this, there is a huge week-end risk move where traders sell risk assets, something to watch as the session concludes).

Read More:

• Nasdaq outperforms while Dow falls and S&P 500 holds steady ahead of FOMC
• A hesistant FX Market after the as-expected September CPI release – Technical levels
• UK economy stagnated in July - GBPUSD at a crucial point

Cross-Assets Daily Performance

Cross-Asset Daily Performance, September 12, 2025 – Source: TradingView

Ethereum goes parabolic in today's continued breakout after following an upside trendline which bulls brought up even before the CPI release.

The second largest crypto rallying is (almost always) a good sign for the rest of the crypto market, and allowed wild spirits to unleash on altcoins.

On the other side of the performance spectrum, Bonds and the Dow Jones have both struggled in another wave of tech performance.

Gold posts another decent session to conclude the week, but most of the attention in commodities go to Silver, which just keeps powering through new yearly highs.

You should also check out our most recent Silver analysis!

A picture of today's performance for major currencies

Currency Performance, September 12 – Source: OANDA Labs

The FX picture is still very dull, with the largest movements throughout this week not breaching the +/- 1% line.

The US Dollar still rebounded slightly from the hesitant selling. I'd also watch the Euro which has held very strong amid renewed hawkish talk by Christine Lagarde in her latest speech.

A look at Economic data releasing in Monday's session

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

There isn't much on the calendar for the Weekly opening session which may offer a very stagnant trading day (as per usual before such huge FOMC days).

Get ready for the huge week ahead (and also don't forget the other wave of Lagarde Speeches on the afternoon session)

Safe Trades and enjoy your weekend!

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