# European Markets Under Pressure as Fed Commentary Weighs on Indices and Currency Pairs Struggle
**Note**: This analysis is generated during European session, markets open. Event times in US Eastern Time.
## Major News
Global market sentiment is mixed as key events unfold. U.S. futures indicate a cautious start, with S&P 500 futures down 0.01%, Dow futures declining by 0.08%, while Nasdaq futures show a slight increase of 0.05%. European indices are set to open lower following comments from Federal Reserve Chair Jerome Powell, who noted that equities are “highly valued.” The Euro Stoxx 50, DAX, CAC 40, and FTSE 100 all reflect losses, with declines ranging from 0.14% to 0.19%.
In commodities, gold prices are nearing record highs as geopolitical tensions with Russia and Fed rate discussions weigh on investor sentiment. The gold market appears to be a “buy-on-dips” strategy, with prices fluctuating amid hawkish Fed signals.
The Nikkei index is an outlier, gaining 0.43%, suggesting some resilience in Japanese markets. Additionally, the job market remains robust in the U.S., with Wall Street actively recruiting bankers amid an uptick in deal-making activity.
Overall, the markets reflect a cautious outlook as investors navigate mixed signals from central bank policies and geopolitical developments.
## Performances
### US Futures
US futures indicate opening sign for cash market.
| Future | Price | Daily Change (%) |
|---|---|---|
| S&P 500 Futures | 6718.25 | -0.01 |
| Dow Futures | 46647.00 | -0.08 |
| Nasdaq Futures | 24853.00 | 0.05 |
### Major US Indices (Previous Close)
Previous close performance for US indices.
| Index | Price | Daily Change (%) |
|---|---|---|
| S&P 500 | 6658.09 | -0.51 |
| Dow Jones | 46305.41 | -0.13 |
| Nasdaq 100 | 24584.99 | -0.67 |
### European Indices Performance
| Index | Price | Daily Change (%) |
|---|---|---|
| Euro Stoxx 50 | 5464.42 | -0.14 |
| DAX | 23578.58 | -0.10 |
| CAC 40 | 7856.25 | -0.19 |
| FTSE 100 | 9209.95 | -0.15 |
### Nikkei Performance
| Index | Price | Daily Change (%) |
|---|---|---|
| Nikkei | 45678.91 | 0.43 |
### FX Performance
| Currency Pair | Price | Daily Change (%) |
|---|---|---|
| EUR/USD | 1.18 | -0.23 |
| USD/JPY | 148.06 | 0.30 |
| GBP/USD | 1.35 | -0.30 |
| USD/CHF | 0.79 | 0.24 |
| USD/CAD | 1.39 | 0.14 |
| AUD/USD | 0.66 | 0.29 |
| NZD/USD | 0.59 | -0.12 |
### Commodities Performance
| Commodity | Price | Daily Change (%) |
|---|---|---|
| Crude Oil | 63.58 | -0.08 |
| Gold | 3807.50 | 0.24 |
| Silver | 44.39 | -0.01 |
| Natural Gas | 3.12 | -0.86 |
### BTC and ETH Performance
| Crypto | Price | Daily Change (%) |
|---|---|---|
| Bitcoin | 112748.54 | 0.65 |
| Ethereum | 4183.10 | 0.44 |
## Economic Calendar of Today (Most Important Events)
The following table lists high-importance economic events for today, 2025-09-24, with times in US Eastern Time.
| Date | Time | Cur | Imp | Event | Actual | Forecast |
|---|---|---|---|---|---|---|
| 2025-09-24 | 01:00 | 🇯🇵 | Medium | BoJ Core CPI (YoY) | 2.0% | 1.9% |
| 2025-09-24 | 03:00 | 🇪🇺 | Medium | German Buba Balz Speaks | ||
| 2025-09-24 | 03:00 | 🇪🇺 | Medium | European Central Bank Non-monetary Policy Meeting | ||
| 2025-09-24 | 04:00 | 🇪🇺 | Medium | German Business Expectations (Sep) | 92.0 | |
| 2025-09-24 | 04:00 | 🇪🇺 | Medium | German Current Assessment (Sep) | 86.5 | |
| 2025-09-24 | 04:00 | 🇪🇺 | Medium | German Ifo Business Climate Index (Sep) | 89.3 | |
| 2025-09-24 | 08:30 | 🇺🇸 | Medium | Building Permits (Aug) | 1.312M | |
| 2025-09-24 | 10:00 | 🇺🇸 | High | New Home Sales (Aug) | 650K | |
| 2025-09-24 | 10:00 | 🇺🇸 | Medium | New Home Sales (MoM) (Aug) | ||
| 2025-09-24 | 10:30 | 🇺🇸 | High | Crude Oil Inventories | ||
| 2025-09-24 | 10:30 | 🇺🇸 | Medium | Cushing Crude Oil Inventories | ||
| 2025-09-24 | 13:00 | 🇺🇸 | Medium | 5-Year Note Auction | ||
| 2025-09-24 | 16:10 | 🇺🇸 | Medium | FOMC Member Daly Speaks | ||
| 2025-09-24 | 19:50 | 🇯🇵 | Medium | Monetary Policy Meeting Minutes |
**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 24, 2025, key economic events are set to influence market dynamics, particularly in the JPY and EUR currencies.
Starting with Japan, the Bank of Japan’s Core CPI data is anticipated to show a year-over-year increase of 2.0%, surpassing the forecast of 1.9%. This potential surprise could strengthen the JPY as it indicates rising inflation pressures, prompting speculation about future monetary policy adjustments.
In the Eurozone, the European Central Bank’s non-monetary policy meeting and the speech by German Buba Balz will be closely monitored for any hints regarding future interest rate strategies. Additionally, the German Ifo Business Climate Index, along with the Current Assessment and Business Expectations for September, are expected to reveal economic sentiment, with forecasts set at 89.3, 86.5, and 92.0, respectively. Results deviating from these expectations may affect the EUR’s valuation.
In the U.S., building permits and new home sales data will be released, with forecasts of 1.312 million and 650,000 units, respectively. These figures are crucial for assessing the housing market’s health and may impact the USD’s strength in response to economic growth signals. Overall, traders should remain vigilant for surprises that could drive currency volatility.
## Remaining Economic Calendar Comment for the Week (Important Events Only)
On September 22, 2025, several key economic events impacted currency markets, particularly the CAD, EUR, and USD.
The Canadian RMPI for August surprised with a decline of -0.6%, significantly below the forecast of 1.2%. This negative surprise may exert downward pressure on the CAD as it suggests weakening inflationary pressures.
In the Eurozone, the HCOB France Manufacturing PMI registered at 48.1, underperforming the expected 50.2, indicating contraction in the sector. Similarly, Germany’s Manufacturing PMI came in at 48.5, below the forecast of 50.0. These figures could weigh on the EUR, reflecting concerns over economic stagnation in the region.
The U.S. saw mixed signals with the S&P Global Manufacturing PMI at 52.0, slightly below the forecast of 52.2, while the Composite PMI was 53.6, above expectations. The Current Account deficit of $251.3 billion was better than the anticipated $259 billion. These results may bolster the USD against other currencies.
Additionally, central bank speeches from various officials, including FOMC members and BoE Governor Bailey, are anticipated to provide insights into future monetary policy, influencing market sentiment further. Overall, the day’s data indicates potential volatility in the CAD and EUR, while the USD may find support amid a mixed economic backdrop.
