The US Dollar rally leaves no crumbs – Market wrap for the North American session - October 9

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

Now up above 2% on the week, many Markets and assets can't ignore the ongoing rally in the US Dollar.

Between resilient consumers – with, for example, Airlines like Delta giving out strong future expectations – and the Trump Administration-engineered Middle East deal agreed by both parties now, the US is getting back on its feet.

Indeed, some questions are arising in concern of the strength of the US Economy. Despite some job losses and tariffs, how is it that company earnings and retail sales are still growing so much ?

Some very interesting pieces convey that US Equities at record highs and filthy rich Boomers about to retire may provide a resilient US Consumption even if jobs decrease.

It is one of the first known times in humanity that old generations retire as rich as boomers are now, which provides unforeseen challenges for inflation, even if the economy/employment takes a hit.

About the Middle East deal, Israel agreed to the 20-Point Trump Plan to end the Gaza War and the Hamas leader agreeing to the plan just about an hour ago.

Read More:

• How investors and traders can gauge the US labor market amid the BLS shutdown
• US stocks sector divergence raises red flags
• Dow Jones Technical Outlook: Dow Tests Key Confluence Level. Is Another 500 + Point Slide Incoming?

Back to the US Dollar, it's steep rally started to attract profit-taking flows in Equities, which corrected for the second time this week (particularly the Dow Jones).

Gold also corrected above $100 from its $4,060 record highs in a sudden selloff – Similar flows can be seen in FX Markets and Cryptocurrencies.

The charts are still far from bearish when looking at how much things have rallied this year.

However, some concerns may arise: The 2025 trade has been about the United States losing its status as the Global leader, with the Trump Administration's efforts to isolate the US, particularly in the beginning of the year.

But, the US is regaining some confidence, helping Ukraine again and resolving global conflicts.

The US Dollar falling from 110.00 in January to 96.00 in July definitely assisted all assets to rally.

Now, what will happen if the US Dollar goes the other way?

Today might have been a snapshot of these flows.

(I invite you to take a look at our most recent Dollar Index analysis!)

Cross-Assets Daily Performance

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

As mentioned in the title, the US Dollar had no pity for other assets.

Every asset class is closing down, even Silver after breaking the $50 level.

It is pretty logical: Almost every assets are denominated in US Dollar.

When one goes up, the other tends to go down, even if logically, the relationship is not a 1 to 1.

However, when such flows become trends, it tends to rock markets quite a bit.

A picture of today's performance for major currencies

Currency Performance, October 9 – Source: OANDA Labs

The USD rally didn't even leave any crumbs for other FX currencies.

Only the Japanese Yen finishes slightly higher on the session (except against the Greenback) – A given looking at how fast it had been selling off since Monday and when looking at other asset-performance.

Risk-off flows may still attract players to the Yen, at least when really nothing else is rallying.

A look at Economic data releasing through tonight and tomorrow's sessions

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

The daily session isn't exactly over, with Fed's Daly appearing later today and Bowman speaking now.

But most importantly, AUD traders will have to log in to listen to RBA Governor Bullock's speech at 18:00 ET.

Tomorrow focuses almost only on North America, with a particular focus on Canadian Employment at 8:30 AM ET (expected at +5K – Expectations tend to be volatile), and the U-of-Mich Surveys at 10:00 A.M.

Safe Trades!

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