High volatility once again affected the market during European trading on Tuesday (December 9, 2025). There have been no significant changes on the fundamental side. Market movements continue to be driven by optimism that the Federal Reserve (Fed) will reduce interest rates during the early hours of Thursday, bolstered by U.S. economic data that aligns with expectations.
Market participants’ primary focus tonight will be on the release of the Job Openings and Labor Turnover Survey (JOLTs) from the U.S., which serves as a crucial indicator for estimating how many times the Fed might cut interest rates in the coming year. Here is the data from Trading Central:
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U.S. Job Openings (JOLTs) for October at 22:00 WIB; forecast 7.2 million vs. previous 7.227 million
GOLD
The price of Gold (XAUUSD) briefly dipped to $4,170.10 per troy ounce before rebounding by $20.54 to $4,210.91 in the European session. The optimism regarding the Fed’s interest rate cuts, complemented by U.S. economic data that meets expectations, served as the main driver behind Gold’s rise.
Tonight’s session will see the market entirely focused on the JOLTs data release. If the actual figures are lower than the forecast, Gold may continue to climb, as indications of a weakening labor market would increase the likelihood of further interest rate cuts by the Fed.
OIL
Oil prices (CLS10) fell by $0.26 to $58.57 per barrel during the European session. This decline is due to profit-taking actions following a three-day rally, ongoing peace talks between Russia and Ukraine, and rising concerns over oversupply after Iraq reported a return to normal production at Lukoil’s West Qurna-2 Oilfield, which contributes about 0.5% of global oil supply.
Such sentiments may continue to pressure Oil prices during the U.S. session.
EURUSD
EURUSD rose by 148 points or 14.8 pips to 1.16492 in the European trading session. Positive sentiment continues to stem from a significant surge in German industrial production in October. Meanwhile, the U.S. dollar is facing pressure from expectations of a Fed interest rate reduction.
Tonight’s JOLTs data release will be a key trigger. Should the actual data fall short of expectations, EURUSD may continue its upward trajectory.
GBPUSD
GBPUSD saw an increase of 401 points or 40 pips to 1.33558 during the European session. The weakening of the U.S. dollar due to anticipated Fed interest rate reductions remains a primary supporting factor.
The JOLTs data out this evening will determine the next direction. If released lower than forecasted, GBPUSD has the potential to strengthen further.
USDJPY
USDJPY rose by 578 points or 57.8 pips to 156.429 in the European session. The Yen has faced negative sentiment from weakening Japanese economic data, raising doubts about the potential for interest rate hikes from the Bank of Japan (BoJ). However, the U.S. dollar is also under pressure from optimism surrounding the Fed’s interest rate reductions, leading to a price correction in the afternoon.
If JOLTs data is released lower than expected, USDJPY may experience additional downward pressure.
NASDAQ
The Nasdaq dipped 60 points to 25,646 in the European session due to profit-taking behaviors. Nevertheless, positive sentiment remains as U.S. President Donald Trump approved NVIDIA’s sale of H200 chips to China.
The JOLTs release this evening will also serve as a major mover. If the data falls below the forecast, the Nasdaq could receive additional upward momentum due to the increased likelihood of Fed interest rate cuts.
