Another TACO trade and progress in Middle East peace talks – Market wrap for the North American session - October 11

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Log in to today's North American session Market wrap for October 11

Markets kicked off the week with a TACO rebound — Trump Always Chickens Out — following a bloodshed Friday that briefly ended the euphoric “everything rally.”

Last week closed with fearful price action after days of relentless gains.

US–China trade war tensions resurfaced, shaking risk sentiment and triggering a massive wave of crypto liquidations that saw some altcoins plunge 40–70%, while ETH and Bitcoin wicked down nearly 20% around 16:45 ET on Friday.

But sentiment turned fast. A calming post from President Trump downplaying the severity of the trade spat helped markets breathe again over the weekend. Crypto staged a spectacular comeback, dragging US equity futures higher in a classic “weekend reversal”. Most traditional markets — the US, Japan, and Canada — were closed, but futures trading didn’t miss a beat.

Meanwhile, geopolitical developments were equally supportive. A major peace summit in Egypt produced concrete progress in the Israel–Hamas ceasefire deal, including hostage and prisoner releases, marking a breakthrough moment for Middle East stability.

By Monday’s open, risk appetite was fully restored: Dow futures up 1.25%, Russell +2.6%, and Gold and Silver surging to fresh all-time highs, as markets cheered the combination of cooling geopolitical risks and resilient optimism across assets.

Read More:

• US-China trade war scare: What happened Friday and where things stand now

But sentiment turned fast.

A calming post from President Trump downplaying the severity of the trade spat helped markets breathe again over the weekend.

Crypto loved the Trump post, sparking a spectacular comeback which also preceded a US equity futures higher in a classic weekend reversal.

Volumes were down a lot with US, Japan, and Canada Markets closed, but futures trading didn’t miss the beat.

Meanwhile, geopolitical developments were equally supportive of a risk-on session.

A major peace summit in Egypt produced concrete progress in the Israel–Hamas ceasefire deal, including hostage and prisoner releases, marking a breakthrough moment for Middle East stability.

Some awkward points still need to be seen for a stable implementation of the deal, but this remains a decent start.

As the daily session closes, risk appetite was fully restored: Dow futures close up 1.25%, with the Russell leading US Futures at +2.6%.

Gold and Silver also surged to fresh all-time highs, as markets cheered the combination of the renewed trade tensions.

Read More:

• A EUR/USD guide on how long-term trends reverse
• Markets Weekly Outlook – Geopolitical peace and turmoil ; Third week of shutdown

Cross-Assets Daily Performance

Cross-Asset Daily Performance, October 13, 2025 – Source: TradingView

You can spot how spectacular the Sunday Globex open led a huge reversal higher for most assets.

US Oil had gapped down below the $60 mark over the weekend, suffering from the lower global trade outlook and might be an interesting trade to follow this week.

Will the energy commodity come back higher if the US-China beef settles down?

Also keep an eye on the metals trade that maintain their trend higher.

A picture of today's performance for major currencies

Currency Performance, October 13 – Source: OANDA Labs

A much less volatile FX day compared to Friday but still very erratic.

Look at how many crosses happened in all majors in this sudden rebalancing.

Most of the highest volume markets were off today so the real week starts tomorrow. Nonetheless, the AUD finishes higher again and the CAD lower – another 2025 classic.

A look at Economic data releasing through Sunday evening and Monday's sessions

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

Markets didn't get many headlines from the IMF meeting which doesn't tend to be a huge market mover but still keep an eye on key speeches.

The UK labour report kicks off the session at 2:00 AM ET with wages and employment figures releasing.

A Europe-only data release follows with German ZEW surveys and an ECB speech, providing insight into confidence across the bloc.

With US data still not releasing due to the Government shutdown, focus returns on Central Bank speakers, where Federal Reserve Chair Powell, Bailey, and multiple Fed speakers will create some suspense in the North American Session.

The evening wraps up with China CPI and PPI prints, crucial for assessing deflationary pressures and global demand sentiment heading into midweek.

Safe Trades!

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