Peace in the Middle East ? – Market wrap for the North American session - September 29

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Log in to today's North American session Market wrap for September 29

Two major themes shaped today’s market narrative: the looming US government shutdown and surprisingly (but positive) developments out of the Middle East.

On the political front, the White House unveiled a plan during a press conference, aimed at ending the Gaza conflict, stressing that “no one will be forced to leave, and Israel will not occupy Gaza”—a proposal that fueled cautious optimism that the war may be nearing its end.

We have seen bad surprises before but things are starting to turn in the right direction (from what it currently seems). Hamas' answer is now awaited.

Meanwhile, in Washington, the possibility of a US government shutdown by Friday now threatens not only to delay the all-important Non-Farm Payrolls release (Friday 8:30 a-A.M.), but also to deal a reputational blow to the United States at a sensitive time globally.

Senior Democrat leaders are talking about a potential stopgap funding (aka emergency funding) to pushback the shutdown for 7-10 days while US Politicians try to reach a deal.

In markets, cryptocurrencies and metals carried the market momentum once again.

Silver surged past $47, Gold printed fresh highs, and Copper extended its rally, with the Grasberg (Second largest copper mine in the world) fallout reverberating through mining stocks.

For cryptos, it was more the end-of-afternoon sudden rally that surprised markets (Check out the update on our latest crypto piece, surprising turn of events).

Read More:

• Bitcoin climbs 5% from recent lows but crypto rally lacks depth
• US Oil (WTI) retreats after yet-another failed breakout
• Gold (XAU/USD) soars to fresh all-time highs in today's session - Potential targets and price forecast

Cross-Assets Daily Performance

Cross-Asset Daily Performance, September 29, 2025 – Source: TradingView

The one thing to pay attention to is the huge rally in Cryptos that came in the afternoon around the same time as the Middle East press conference, however some other news may have pushed the markets higher (Look at ETH around 14:30)

For the rest, Markets appreciated the correction in the USD as a government shutdown led to some rebalancing, particualrly in Metals.

But for Oil traders, things keep on spiking and and down and today is a pretty rough down day to follow the Friday price action.

(Check out our latest piece!)

A picture of today's performance for major currencies

Currency Performance, September 29 – Source: OANDA Labs

Like other assets, FX loved the down day for the US Dollar (except for the Safe-Haven CHF not enjoying peace as much).

Every majors rallied but to a relatively small extent. The outcast here is the JPY as it seems that traders are starting to price in the next hike from the Bank of Japan.

Keep an eye on this as it may materialize into a trend. Analysis coming up tomorrow!

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.

The next 24 hours will be sneaky busy for traders all around Markets.

The spotlight falls squarely on the RBA policy meeting tonight (00:30 ET), where the central bank is widely expected to pause.

However, markets are already pricing around a 50% chance of a cut at the following meeting, making Governor Bullock’s statement and the subsequent press conference critical for AUD traders.

Tomorrow, keep an eye on all the speeches from Central Bankers (and don't forget Bostic coming up at 18:00 for those who are listening).

From Europe, focus will be on German and Eurozone CPI (Sep prelim) at 08:00 ET, expected steady at 0.1% MoM and 2.3% YoY, alongside Eurozone unemployment data (6.3%). Earlier, the UK delivers its Q2 GDP (0.3% QoQ, 1.2% YoY expected).

In the US, Fed’s Goolsbee and Jefferson speak in the NA session, adding to the chorus of central bank commentary that has dominated recent sessions.

On the data front, Eurozone retail sales (Aug, 0.6% expected) and employment change will also provide fresh signals for EUR volatility.

Don't forget the JOLTS (10:00 A.M.) , Chicago PMI and other speakers that are not on the picture (Or you can also check out the calendar).

Safe Trades!

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