The financial market exhibited relative stability at the start of the European trading session on Wednesday (September 10, 2025), except for Gold (XAUUSD), which surged significantly. The United States dollar remains strong, even as the market speculates that the Federal Reserve might aggressively cut interest rates for the remainder of this year.
The release of inflation data (consumer price index/CPI) scheduled for tomorrow is one reason the U.S. dollar maintains its strength, as it could influence expectations around the Fed’s interest rates. Additionally, tonight’s economic data from the United States is also expected to impact the market movements. Below is the information from Trading Central:
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- Producer price index (PPI) (year-on-year/August) at 19:30 WIB; forecast 3.4% compared to the previous 3.3%
- Core PPI (year-on-year/August) at 19:30 WIB; forecast 3.6% versus the prior 3.7%
GOLD
Gold prices increased by more than USD 30 (300 pips) at the beginning of the European trading session, reaching a daily high of USD 3,655.97 per troy ounce. Expectations for interest rate cuts by the Fed continue to support the rise in Gold, approaching the all-time high of USD 3,674 per troy ounce achieved yesterday.
Gold could receive additional positive sentiment if the PPI data does not show a significant increase or indicates a slowdown in growth, thereby benefitting Gold further.
OIL
Oil prices (CLS10) continued to rise at the start of the European trading session, hitting a daily high of USD 63.41 per troy ounce. The oil market received positive sentiment after Israel attacked Hamas in Qatar, one of the largest energy exporters. Concerns are rising that this attack could disrupt oil supplies.
The U.S. oil stock data released at 21:30 WIB could impact oil price movements tonight. Last week, stock levels rose by 2.4 million barrels. If another increase is reported, oil may experience downward pressure as higher stock levels could signal weakening demand in the U.S.
EURUSD
The EURUSD pair moved volatily within the range of 1.16822-1.17184 at the beginning of the European trading session. As previously mentioned, the U.S. dollar is relatively strong as market participants await the CPI data.
However, if tonight’s PPI data is released below the forecast, the U.S. dollar could face downward pressure, creating a favorable sentiment for EURUSD.
GBPUSD
GBPUSD rose at the start of the European session, reaching a daily high of 1.35453. Compared to the close on Tuesday, GBPUSD increased by 240 points (24 pips). This rise indicates that despite the U.S. dollar’s relative stability, negative sentiment continues to linger.
GBPUSD could see further positive sentiment if the PPI data is released lower than the forecast.
USDJPY
USDJPY traded in a narrow range of 147.266-147.583 in the early European session. A more significant movement is anticipated tonight, especially if the U.S. PPI is released lower than the forecast.
A decrease in PPI could lead to a stable or even declining CPI, putting potential downward pressure on USDJPY.
NASDAQ
The Nasdaq index slightly rose to 23,952 at the start of the European trading session, edging closer to its all-time high of 24,067 reached on August 13. The Nasdaq is benefiting from positive sentiment due to expectations of Fed interest rate cuts.
Therefore, if the U.S. PPI data is released lower than forecasted tonight, the positive sentiment for the Nasdaq could increase further.
