More whipsawing action in Markets – Market wrap for the North American session - October 15

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Log in to today's North American session Market wrap for October 15

An uneasy sentiment still dominates markets, even as equities somehow manage to close higher.

The opening session continued the positive flows coming from Europe but at some point buyers vanished into the fog the moment selling pressure hit.

Thin trading conditions are amplifying the swings, with many participants on edge for the latest headline.

US-China trade angst remains front and center, with top officials on both sides offering a mix of fiery remarks and conciliatory tones.

It is part of the Trump's way of doing to publish harsh comments, never failing to scare markets and TACO it out – Bulls are hoping for another TACO for now at least.

Meanwhile, metals continue to thrive on the backdrop of uncertainty.

Gold surged to a new record at $4,218, while Silver consolidates at its highs — clear signs that flows into metals remain robust even as equity traders struggle to find their footing.

Read More:

• North American mid-week Market update – US-China trade tensions are back
• Silver (XAG/USD) squeeze shakes market participants
• What if there was no trend in the US Dollar ? DXY Outlook

Cross-Assets Daily Performance

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Cross-Asset Daily Performance, October 15, 2025 – Source: TradingView

Many assets remain mixed, but overall, the current US-China trade seems to be located in selling Cryptos, and buying gold.

For the rest, equities and currencies are very mixed (except for the USD which is also getting rejected from its highs.

A picture of today's performance for major currencies

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Currency Performance, October 15 – Source: OANDA Labs

Counterintuitively, the GBP is finishing on top of majors today, propulsed by some technical "bad lows" after the UK's disappointing jobs report.

Nonetheless, the pound seems to disregard the bearish outlook – Confusing flows, but might provide some opportunities?

It was getting sold off heavily heading into the number so it could be some buy-the-bad-news flows.

North American currencies have struggled on the other side of the daily spectrum, hurt by the still absent US-Canada deal news, and the US-China scare.

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

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

The session is not over yet for AUD traders who will have to monitor the highly anticipated Australian Employment Data, releasing this evening at 20:30 EDT.

With the AUD having performed well, expectations are high.

The early birds will assist to the UK GDP and Production data (2:00 A.M. ET), which will provide insight into British economic momentum.

In the absence of BLS data, markets should only see the Philly Fed Manufacturing Survey which should help at least a bit from the huge absence of US Data.

To compliment the data, Markets are awaiting a wave of Central Bank comments:

• US Fed: A host of officials speak throughout the day, including Barr, Waller, Bowman, and Kashkari, starting at 9:00 A.M. ET.
• Canada BoC: Keep a close eye on Governor Macklem's economic outlook speech at 1:30 P.M. ET.
• Europe: We also hear from ECB's Lagarde and BoE's Mann.

Safe Trades!

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