A clean risk-on session to conclude the CPI week (weekend risk incoming?)...

Log in to today's North American session Market wrap for September 12

The inflation picture is settling down, with consecutive PPI (-0.1% vs 0.3% exp) and an as-expected CPI reinforcing the view that tariff effects are translating into one-off price shocks rather than a lasting trend.

Since then, risk assets have surged, led by a two-day equity rally that spilled over into a massive breakout in the crypto market.

(Still, watch the ongoing risk-off move happening as the week closes and traders secure profits, this is week-end risk happening)

(I invite you to check our latest Crypto analysis to check how things have evolved since the morning session)

Meanwhile, higher tariffs from Russian oil importing nations haven't fazed commodity traders, with oil prices largely correcting into the afternoon.

Going towards the weekend, risk appetite stays firm as traders shrug off geopolitical noise and set their sights squarely on next Wednesday’s FOMC.

(EDIT: As I am writing this, there is a huge week-end risk move where traders sell risk assets, something to watch as the session concludes).

Ethereum goes parabolic in today's continued breakout after following an upside trendline which bulls brought up even before the CPI release.

The second largest crypto rallying is (almost always) a good sign for the rest of the crypto market, and allowed wild spirits to unleash on altcoins.

On the other side of the performance spectrum, Bonds and the Dow Jones have both struggled in another wave of tech performance.

Gold posts another decent session to conclude the week, but most of the attention in commodities go to Silver, which just keeps powering through new yearly highs.

You should also check out our most recent Silver analysis!

The FX picture is still very dull, with the largest movements throughout this week not breaching the +/- 1% line.

The US Dollar still rebounded slightly from the hesitant selling. I'd also watch the Euro which has held very strong amid renewed hawkish talk by Christine Lagarde in her latest speech.

There isn't much on the calendar for the Weekly opening session which may offer a very stagnant trading day (as per usual before such huge FOMC days).

Get ready for the huge week ahead (and also don't forget the other wave of Lagarde Speeches on the afternoon session)

Safe Trades and enjoy your weekend!

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Elior brings over seven years of experience in financial markets to our analyst team. Since 2018, he has actively engaged in observing, charting, and trading, driven by his passion for mastering market dynamics. With a profound understanding of the geopolitical and macroeconomic forces that shape market movements, Elior focuses on analysing the impact of breaking news, market sentiment, and critical economic data releases on trading flows.

As a versatile analyst, he contributes powerful insights to the team, effectively integrating geopolitical and technical analysis to provide clear and comprehensive market perspectives.

Prior to joining our team, Elior honed his expertise as a Fixed Income Trader and Market Analyst at the Montreal Exchange.