PMI Day: Markets Brace for Data and Speeches
23 September 2025
Hello traders, welcome to Tuesday. Unlike yesterday’s relatively quiet start, today’s calendar is absolutely packed. It’s PMI day, with key readings coming from the world’s largest economies — France, Germany, the Eurozone, the UK, and the US. Manufacturing PMIs are expected largely above 50, with the exception of the UK, while services PMIs are looking more mixed: likely solid in the US, UK, and Eurozone, but below 50 in France and Germany. On top of that, traders will keep their ears tuned for speeches from Donald Trump, Fed Chairman Jerome Powell, and Bank of Canada Governor Macklem — making this a crucial day for macro direction.
On the market side, indices remain in good spirits. Futures are hovering close to long-term highs, continuing the upbeat momentum we’ve seen in recent weeks. Optimism is still running strong on Wall Street, while European bourses are following but with less conviction. The calendar risk later today could either fuel more upside or trigger a correction, depending on how the PMI numbers land.
Currencies are showing clearer moves. At the start of the European session, the American dollar is finding strength, while commodity-linked currencies such as the New Zealand and Australian dollars are under pressure. European currencies are also slipping slightly, giving the dollar an edge ahead of the big macro day.
Commodities are split. Oil remains heavy, struggling under the weight of a bearish correction, while gold continues to shine. Gold is again setting long-term highs, and the broader metals complex is flashing green as buyers keep control. Cryptocurrencies, meanwhile, are in recovery mode after Monday’s heavy drop. Prices are stabilizing, with buyers slowly attempting to regain control — at the very least, the sharp declines have paused.
So, Tuesday opens with high expectations, a busy calendar, and markets already positioning for volatility ahead.