Thursday Opens in Red as Markets Brace for U.S. GDP
25 September 2025
We step into the new trading day after a rather quiet Wednesday, which had only a handful of macro events but still gave the markets some direction. Australia reported hotter inflation, coming in at 3% versus 2.9% expected, boosting the Aussie overnight. Later, Germany’s IFO business climate disappointed at 87.7, highlighting ongoing weakness in the European outlook, while the U.S. surprised to the upside with new home sales climbing to 800,000. Despite these mixed signals, the real action yesterday came from the indices. American indices tumbled sharply, hinting at the start of a correction. Whether this pullback will deepen or remain a brief pause is now the key question for traders.
Thursday itself opens on the red side of the market. Futures across the board are flashing weakness, echoing yesterday’s negative momentum. On the currency side, the American dollar, Canadian dollar, and Swiss franc are all showing softness, while antipodean currencies and the Japanese yen are gaining traction. For the franc specifically, volatility is just around the corner as the Swiss National Bank’s interest rate decision will be published shortly — a number that could shake the charts. But the real centerpiece of the day lies in the U.S., where GDP and durable goods orders are due at the same time, promising heightened volatility for dollar pairs, indices, and commodities alike.
On commodities, a corrective mood dominates. Oil is easing after a very strong run earlier in the week, while gold and silver are also trimming some of their gains. That said, silver’s flat correction stands out, suggesting strong underlying buying pressure. Metals may simply be catching their breath rather than reversing. All in all, Thursday shapes up as a session where data will dictate direction, with Switzerland’s rate decision setting the stage and U.S. GDP and durable goods orders likely to provide the fireworks.