Is it 2025 All Over Again? – North American Session Market Wrap for January 6

Log in to today's North American session Market wrap for January 6

Today showed another wave of the debasement trade, but with a distinct twist.

Metals, stocks, and cryptocurrencies all exploded higher at the open, riding the momentum of recent inflows. However, the unity fractured by mid-session. While metals held their ground, cryptos gave up their early leads, fading significantly as the day progressed.

Meanwhile, the US Dollar, which had struggled yesterday, staged a comeback, returning right back to yesterday's highs. This creates a complex picture where the Greenback is rising alongside hard assets like Gold and Platinum—a rare dynamic often signaling acute stress or aggressive repositioning.

The "Freedom Trade" seems to be gaining serious traction. Both the S&P 500 and Dow Jones are rallying to fresh All-Time Highs, uplifted by broad participation across all sectors.

It appears the US is regaining confidence from its investor base following the successful Maduro capture, with the market pricing in a premium for American geopolitical assertiveness.

It will be interesting to see if this momentum can sustain itself through the week, or if traders will begin to trim risk as they prepare for a potentially volatile NFP session on Friday.

Today was quite volatile. Keep an eye on the different up and down moves around Cryptos while other assets held a more consistent trading day.

Crypto won't be boring assets anytime soon.

The AUD exploded against other majors today as FX traders get prepared for a hawkish CPI report tonight, coming up shortly after the session close.

The US Dollar also rebounded strongly, recovering most of its past day drop against most majors.

The evening session begins a very important phase for FX Markets, with a quintessential Australian CPI report coming up in a few hours.

Tomorrow's session should also be quite a ride.

To begin with, late night (and Asian/European) traders will start a long session with German Retail Sales and Unemployment figures at 02:00 A.M. and 03:55 A.M. ET. Decent stability is expected with Retail Sales projected at 0.2%, but it still shouldn't take the spotlight away from the inflation data dropping shortly after.

The 05:00 A.M. ET stretch releases the heavy-hitting Eurozone Harmonized Index of Consumer Prices (HICP). Traders will be glued to the Core HICP (YoY), expected at 2.4%, to see if the ECB has room to breathe or if they’ll need to keep the pressure on.

The US Data will start with a few key data releases.

08:15 A.M. E.T. starts the North American session with the ADP Employment Change, expected at 45K. It’s a significant jump from the previous -32K, but it is a pale figure to what's coming later in the morning.

• ISM Services PMI is finally releasing, expected at 52.3, alongside the JOLTS Job Openings projected at 7.64M, all releasing at 10:00 A.M.
• US Factory Orders are also on deck, with a steep -1.2% contraction expected.

Get ready for the event with our preview of the labor market health right here.

Canadian Dollar traders will also be awaiting the Ivey Purchasing Managers Index at 10:00 A.M. ET, which is expected to show a recovery toward 49.5.

Safe Trades and Happy New Year!

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