What’s happening in this volatile session? A look around global markets

[Redator]

Volatility is back again after relatively unsurprising sessions since the past week FOMC.

It seems that the since last week, the 2025 theme of currency debasing, seeing a huge rally in metals (Gold, Silver at their yearly highs) and equities was intact after the September meeting which resulted in a cut.

Stocks had been continuing their way higher, and metals had retracted slightly before surging again to new highs.

But risk-assets have been sending alerts since Monday, with Cryptocurrencies – usually early runners for profit-taking–seeing some strong outflows (look at the Total Crypto Market cap which is hanging around its December 2024 highs, 10% lower than its most recent record).

Total Crypto Market Cap

Total Crypto Market Cap, September 25, 2025 – Source: TradingView

Equities are following suit, with a third red open to the session, a very rare sign as of late. It seems that the ever-stronger US data has something to do with these moves.

(Monitor ongoing dip-buying, a break towards the daily lows will show a bad sign)

US Indices Daily overlook, Source: TradingView – September 25, 2025

Read More:

• Is the Euro trade still on? Outlook vs USD, CAD and CHF
• Markets Today: SNB Leave Rates Unchanged, FTSE Stead. Fed Speakers and US GDP Data Ahead
• US Dollar strengthening, but an overall confused market — North American mid-week Market update

Markets were ecstatic to see gradual cuts in a still-decent US economy, but with the confidence in the FED taking back some advantage due to data-proven decision-making combined with huge beats in GDP, jobless claims and American housing regaining back some edge, cuts are getting priced out sharply and the US Dollar loves it.

This is leading to some huge whipsawing flows in the current session.

The VIX is coming back to its September highs, metals (particularly Silver and Platinum) were up sharply but giving back their gains, and Cryptos are not having a nice time.

VIX 8H Chart – Moving above its 200-MA for the 1st time since May 2025

VIX 8H Chart, September 25, 2025 – Source: TradingView

Will the VIX close above or below this key point? A close above may trigger further volatility looking forward.

The ongoing move in Cryptos is largely undoing the small dip-buying that was occuring in yesterday's session.

A look at the volatile performance from metals today

Dollar Index and Metals comparative Performance today, September 25, 2025 – Source: TradingView

Platinum, Silver and Gold all-marked new yearly highs in today's session but they're seeing some decent reversals amid the ongoing US Dollar rally.

I would suggest looking at this piece released after the FOMC which may underline some of what's going on.

Copper is also in the middle of some volatile supply shifts and has its own dynamic.

The Usual Suspect: the US Dollar rally

Dollar Index 8H Chart, September 25, 2025 – Source: TradingView

The USD is bullying its way higher after the wave of positive US data, with Yields rising again (cuts are pricing out) and other majors are not liking it.

Keep an eye on these volatile flows – As I am writing this, markets seem to be taking a breather, but animal spirits could be waking up.

Safe Trades!

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