# European Markets Steady Amid Trump Legal Battles and Fed Anticipation, Euro Strengthens Against Dollar
**Note**: This analysis is generated during European session, markets open. Event times in US Eastern Time.
## Major News
Global markets exhibited mixed sentiment as US futures showed a slight uptick ahead of the Federal Reserve’s upcoming interest rate decision. S&P 500 futures rose by approximately 1%, while Dow futures remained nearly flat. The Nasdaq futures gained around 1.2%, indicating a positive outlook for tech stocks. In Europe, the Euro Stoxx 50 edged higher by 0.01%, while the DAX and FTSE 100 experienced declines of 0.19% and 0.20%, respectively. The Nikkei also dipped by 0.15%, reflecting cautious investor sentiment amid geopolitical tensions.
In currency markets, the EUR/USD pair maintained bullish momentum, trading near 1.1800, while USD/JPY fell to a one-week low, indicating a shift in investor focus. Gold prices paused their record run as traders took profits ahead of key US Retail Sales data and the Fed’s policy meeting.
Additionally, the market reacted to political developments, including a ruling preventing former President Trump from firing Fed Governor Lisa Cook before the meeting, and ongoing tensions related to US-China trade discussions. Overall, market participants are closely monitoring economic indicators and geopolitical risks as they navigate this complex landscape.
## Performances
### US Futures
US futures indicate opening sign for cash market.
| Future | Price | Daily Change (%) |
|---|---|---|
| S&P 500 Futures | 6693.50 | 1.01 |
| Dow Futures | 45931.00 | -0.04 |
| Nasdaq Futures | 24631.50 | 1.20 |
### Major US Indices (Previous Close)
Previous close performance for US indices.
| Index | Price | Daily Change (%) |
|---|---|---|
| S&P 500 | 6615.97 | 0.19 |
| Dow Jones | 45890.16 | 0.09 |
| Nasdaq 100 | 24295.33 | 0.48 |
### European Indices Performance
| Index | Price | Daily Change (%) |
|---|---|---|
| Euro Stoxx 50 | 5440.71 | 0.01 |
| DAX | 23666.31 | -0.19 |
| CAC 40 | 7897.29 | 0.09 |
| FTSE 100 | 9258.02 | -0.20 |
### Nikkei Performance
| Index | Price | Daily Change (%) |
|---|---|---|
| Nikkei | 44881.01 | -0.15 |
### FX Performance
| Currency Pair | Price | Daily Change (%) |
|---|---|---|
| EUR/USD | 1.18 | 0.38 |
| USD/JPY | 146.95 | -0.30 |
| GBP/USD | 1.36 | 0.24 |
| USD/CHF | 0.79 | -0.42 |
| USD/CAD | 1.38 | -0.04 |
| AUD/USD | 0.67 | -0.03 |
| NZD/USD | 0.60 | 0.05 |
### Commodities Performance
| Commodity | Price | Daily Change (%) |
|---|---|---|
| Crude Oil | 63.00 | -0.71 |
| Gold | 3734.60 | 0.43 |
| Silver | 43.22 | 0.38 |
| Natural Gas | 3.04 | 0.53 |
### BTC and ETH Performance
| Crypto | Price | Daily Change (%) |
|---|---|---|
| Bitcoin | 115627.20 | 0.19 |
| Ethereum | 4506.52 | -0.39 |
## Economic Calendar of Today (Most Important Events)
The following table lists high-importance economic events for today, 2025-09-16, with times in US Eastern Time.
| Date | Time | Cur | Imp | Event | Actual | Forecast |
|---|---|---|---|---|---|---|
| 2025-09-16 | 02:00 | 🇬🇧 | Medium | Average Earnings Index +Bonus (Jul) | 4.7% | 4.7% |
| 2025-09-16 | 02:00 | 🇬🇧 | Medium | Claimant Count Change (Aug) | 17.4K | 15.3K |
| 2025-09-16 | 02:00 | 🇬🇧 | Medium | Employment Change 3M/3M (MoM) (Jul) | 232K | 220K |
| 2025-09-16 | 02:00 | 🇬🇧 | Medium | Unemployment Rate (Jul) | 4.7% | 4.7% |
| 2025-09-16 | 05:00 | 🇪🇺 | Medium | German ZEW Current Conditions (Sep) | -76.4 | -75.0 |
| 2025-09-16 | 05:00 | 🇪🇺 | Medium | German ZEW Economic Sentiment (Sep) | 37.3 | 25.3 |
| 2025-09-16 | 05:00 | 🇪🇺 | Medium | Wages in euro zone (YoY) (Q2) | 3.70% | 3.70% |
| 2025-09-16 | 05:00 | 🇪🇺 | Medium | Industrial Production (MoM) (Jul) | 0.3% | 0.4% |
| 2025-09-16 | 05:00 | 🇪🇺 | Medium | ZEW Economic Sentiment (Sep) | 26.1 | 20.3 |
| 2025-09-16 | 08:00 | 🇪🇺 | Medium | German Buba Vice President Buch Speaks | ||
| 2025-09-16 | 08:00 | 🇧🇷 | Medium | Unemployment Rate (Jul) | 5.7% | |
| 2025-09-16 | 08:15 | 🇨🇦 | Medium | Housing Starts (Aug) | 278.0K | |
| 2025-09-16 | 08:30 | 🇺🇸 | High | Core Retail Sales (MoM) (Aug) | 0.4% | |
| 2025-09-16 | 08:30 | 🇺🇸 | Medium | Export Price Index (MoM) (Aug) | -0.1% | |
| 2025-09-16 | 08:30 | 🇺🇸 | Medium | Import Price Index (MoM) (Aug) | -0.2% | |
| 2025-09-16 | 08:30 | 🇺🇸 | Medium | Retail Control (MoM) (Aug) | 0.4% | |
| 2025-09-16 | 08:30 | 🇺🇸 | High | Retail Sales (MoM) (Aug) | 0.2% | |
| 2025-09-16 | 08:30 | 🇨🇦 | Medium | Core CPI (MoM) (Aug) | ||
| 2025-09-16 | 08:30 | 🇨🇦 | Medium | Core CPI (YoY) (Aug) | ||
| 2025-09-16 | 08:30 | 🇨🇦 | Medium | CPI (MoM) (Aug) | 0.0% | |
| 2025-09-16 | 09:15 | 🇺🇸 | Medium | Industrial Production (YoY) (Aug) | ||
| 2025-09-16 | 09:15 | 🇺🇸 | Medium | Industrial Production (MoM) (Aug) | 0.0% | |
| 2025-09-16 | 10:00 | 🇺🇸 | Medium | Business Inventories (MoM) (Jul) | 0.2% | |
| 2025-09-16 | 10:00 | 🇺🇸 | Medium | Retail Inventories Ex Auto (Jul) | -0.1% | |
| 2025-09-16 | 12:30 | 🇺🇸 | Medium | Atlanta Fed GDPNow (Q3) | 3.1% | |
| 2025-09-16 | 13:00 | 🇺🇸 | Medium | 20-Year Bond Auction | ||
| 2025-09-16 | 16:30 | 🇺🇸 | Medium | API Weekly Crude Oil Stock | ||
| 2025-09-16 | 17:00 | 🇳🇿 | Medium | Westpac Consumer Sentiment (Q3) | ||
| 2025-09-16 | 18:45 | 🇳🇿 | Medium | Current Account (QoQ) (Q2) | -2.67B | |
| 2025-09-16 | 18:45 | 🇳🇿 | Medium | Current Account (YoY) (Q2) | ||
| 2025-09-16 | 19:50 | 🇯🇵 | Medium | Adjusted Trade Balance | -0.36T | |
| 2025-09-16 | 19:50 | 🇯🇵 | Medium | Exports (YoY) (Aug) | -1.9% | |
| 2025-09-16 | 19:50 | 🇯🇵 | Medium | Trade Balance (Aug) | -513.6B |
**Notes**:
– **Cur**: Currency associated with the event (with flag emoji).
– **Imp**: Importance (High, Medium, Low, None).
– **Actual**: Reported value (if available).
– **Forecast**: Expected value (if available).
On September 16, 2025, key economic indicators were released that could influence market dynamics, particularly for the GBP and EUR.
In the UK, the Average Earnings Index remained steady at 4.7%, aligning with forecasts, while the Claimant Count Change showed a larger-than-expected increase of 17.4K against a forecast of 15.3K. The Employment Change also beat expectations at 232K compared to the forecast of 220K, and the Unemployment Rate held steady at 4.7%. These results may bolster GBP sentiment as they reflect a resilient labor market, potentially supporting the Bank of England’s monetary policy stance.
In the Eurozone, the German ZEW Economic Sentiment significantly surpassed expectations at 37.3, compared to a forecast of 25.3, indicating improved economic outlook among investors. However, the ZEW Current Conditions fell short at -76.4 against a forecast of -75.0. Additionally, Industrial Production growth was slightly underwhelming at 0.3%, below the 0.4% forecast. The mixed results could lead to volatility in EUR trading, as the positive sentiment contrasts with weaker production figures.
Overall, these developments may influence currency valuations, particularly supporting GBP while creating mixed signals for the EUR.
## Remaining Economic Calendar Comment for the Week (Important Events Only)
The week of September 15, 2025, featured several significant economic events impacting global markets, particularly currencies.
The Swiss PPI for August surprised with a contraction of -0.6%, sharply diverging from the forecast of 0.1%, likely putting downward pressure on the CHF. In India, WPI inflation rose to 0.52%, exceeding the expected 0.30%, suggesting inflationary pressures that may strengthen the INR.
In the Eurozone, the trade balance for July showed a surplus of €12.4 billion, above the forecast of €11.7 billion, which may bolster the EUR. However, the German ZEW Economic Sentiment index significantly outperformed expectations at 37.3 compared to 25.3, while Current Conditions fell short at -76.4, indicating mixed sentiment.
The U.S. NY Empire State Manufacturing Index fell to -8.70, far below the anticipated 4.30, signaling potential economic weakness and possibly affecting the USD. The Fed’s interest rate decision maintained rates at 4.25%, with the accompanying FOMC statement and projections likely to influence market expectations.
In Canada, wholesale sales rose by 1.2%, below the forecast of 1.4%, while the BOC’s interest rate decision remained at 2.50%. These mixed signals could lead to volatility in the CAD. Overall, the week’s events reflect a complex interplay of economic indicators shaping currency movements.
