On Tuesday, the Bureau of Labor Statistics (BLS) in the United States released revised data for non-farm payrolls (NFP) covering the period from April 2024 to March 2025. The NFP figure was reduced by over 900,000, indicating a weakening labor market in the US prior to Donald Trump’s presidency and the introduction of his import tariff policies.
This release reinforced expectations that the Federal Reserve might lower interest rates aggressively for the remainder of the year, leading to significant volatility in financial markets the day before. This data is likely to continue influencing sentiment in the European trading session on Wednesday (10/9/2025).
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GOLD
The price of Gold (XAUUSD) surged and set a new all-time high of $3,674 per troy ounce in response to the revised NFP figure from the BLS. However, it was subsequently hit by profit-taking, closing Tuesday’s trading at $3,625.89 per troy ounce, which is a decrease of less than $10 from Monday’s close.
The BLS release has bolstered expectations that the Fed will cut interest rates vigorously. Data from FedWatch indicates that market players see over a 60% probability that the Fed’s interest rate will be between 3.5%-3.75% by December, a drop of 0.75% (75 basis points).
These expectations could still potentially enhance Gold’s performance after experiencing profit-taking.
OIL
Oil prices (CLS10) rose for two consecutive days after ending Tuesday’s trading at $62.75 per barrel. Oil received a positive sentiment after OPEC+ agreed to increase production by 137,000 barrels per day next month, which is significantly lower than the increase of 555,000 barrels per day this month.
Positive sentiment for Oil increased further after Israel conducted strikes against Hamas in Qatar, a major energy exporter. There are concerns that these strikes could disrupt Oil supplies. Both factors are likely to influence Oil’s movements in the European trading session.
EURUSD
EURUSD fell approximately 530 points (53 pips) to 1.17073 during Tuesday’s trading due to profit-taking activities. EURUSD had previously reached a six-week high before dropping back.
Given the strong pressure on the US dollar, especially due to expectations of a Fed interest rate cut, there remains potential for a positive sentiment towards EURUSD in the European trading session.
GBPUSD
Similar to EURUSD, this currency pair experienced a sharp rise yesterday before reversing downwards and closing Tuesday’s trading at 1.35231. Compared to Monday’s closing, GBPUSD fell by 172 points (17.2 pips).
Considering the decline was due to profit-taking, GBPUSD still has the potential to benefit from the pressures on the US dollar. In other words, a rebound in GBPUSD is possible in the European trading session.
USDJPY
USDJPY closed Tuesday’s trading slightly lower at 147.329 after dipping to 146.303 earlier. Expectations for aggressive interest rate cuts from the Fed remain the primary pressure on USDJPY.
On the other side, the market now sees the resignation of Japan’s Prime Minister Shigeru Ishiba as a potential stabilizing political factor, given his increasingly unstable position in recent weeks. This provides a positive sentiment for the yen, indicating USDJPY may still face downward pressure.
NASDAQ
The Nasdaq climbed 92 index points to 23,889 during Tuesday’s trading, moving closer to its all-time high of 24,067 achieved on August 13. The expectations for aggressive Fed interest rate cuts are generating positive sentiment for the Nasdaq.
When interest rates are cut, economic growth can accelerate, offering greater profit potential for issuers. These expectations may continue to boost the performance of the Nasdaq in the European trading session.
