The Non-Farm Payrolls finally released, relatively on time, and came at a small beat on expectations (64K vs 50K expected) while the Unemployment rate grew from 4.4% to 4.6%.
With downward revisions to the September data (-33K) and a -105K report for October, the labor picture is indeed softening as was highlighted by Fed's Williams throughout a few rounds of interviews yesterday.
But for now, things are not looking scary: The January 28th Meeting is priced only at 25% of a 25 bps cut and odds for cuts modestly rose for later meetings.
US S&P Global PMI also released.
The Global Services PMI served at 52.9 a miss on the 54.1 expectations.
Manufacturing PMIs came at 51.9 vs 52.2 estimate, two misses but still in slight expansion.
Market Reactions
Market Outlook 30M Charts for S&P 500, Oil, 10-Year Bonds, Gold, Bitcoin and the USD. December 16 – Source: TradingView
Even without extra odds for rate cuts in 2026, the US Dollar is struggling quite a lot, breaking its past day support and going towards new lows.
The Dollar Index is testing the 98.00 handle, key for mid-term momentum.
You can also witness Oil falling back to its 2025 lows but attempting a shy rebound from key levels.
Metals on the other hand, are loving the NFP report and bouncing from their relative highs consolidation.
Gold is trading between $4,250 to $4,350 and attempting to break its small-resistance, Silver is roughly doing the same but Platinum is breaking higher this morning.
Stocks are opening timidly also, gapping lower at the open but not by a wide margin.
A detailed analysis for US Indexes is coming up soon in the morning session.
A shy open in Stocks. US Indexes Daily Chart Outlook – December 15, 2025 – Source: TradingView
Safe Trades!
Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier
Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2025 OANDA Business Information & Services Inc.
