XAU/USD – Daily Chart
Forex Signals December 9: JOLTS Jobs and GameStop Earnings Preview
Gamestop’s earnings and JOLTS report take center stage today as markets watch for signals on consumer resilience and the broader health of..
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Last updated: Tuesday, December 9, 2025
Quick overview
- Gamestop's earnings report is anticipated today, with expectations of a revenue increase despite ongoing risks from debt and market volatility.
- U.S. Treasury yields have risen, supporting the dollar as markets adjust to shifting Federal Reserve rate cut expectations.
- The New York Fed's consumer survey indicates stable inflation expectations, suggesting a cautious consumer outlook amid economic uncertainty.
- Attention is focused on the upcoming JOLTS data, which is expected to provide insights into the cooling U.S. labor market.
Gamestop’s earnings and JOLTS report take center stage today as markets watch for signals on consumer resilience and the broader health of the U.S. labor market.
U.S. Yields Edge Higher as Dollar Firmly Holds Momentum
A modest rise in Treasury yields helped keep the U.S. dollar supported, even as markets navigate shifting expectations around the Federal Reserve’s next move.
Yield Curve Moves and Fed Expectations
U.S. Treasury yields pushed higher across the curve during the session, reinforcing demand for the dollar and supporting a broadly firmer USD tone. While a rate cut from the Federal Reserve is still widely expected, sentiment has increasingly tilted toward a hawkish cut—a scenario in which policymakers lower rates but offset the move with stricter language on inflation and a more guarded path for future easing.
Even with a well-received three-year note auction, yields still ended the day near the middle of their intraday range, highlighting ongoing caution rather than a decisive shift.
Hassett Signals Careful Policy Approach
White House economic adviser—and frontrunner for the next Fed chair—Kevin Hassett emphasized on CNBC that the central bank should “get the rate down some,” but warned that policymakers must stay data-dependent. He noted that key pieces of the economic puzzle are still missing, underscoring the need for careful interpretation of incoming indicators.
NY Fed Survey Points to Anchored Expectations
The New York Fed’s November consumer survey showed inflation expectations holding steady across all time frames. The one-year measure remained at 3.2%, while both the three-year and five-year expectations were unchanged at 3%. Home-price expectations also remained anchored at 3%, signaling stability in consumer outlook despite ongoing uncertainty.
Key Market Events to Watch Thursday
Labor-Market Clues Ahead: JOLTS in Focus
Attention now shifts to this week’s JOLTS data for September and October, expected to add clarity to the cooling U.S. labor market. Economists forecast 7.14 million openings for October, a level that will help shape views on underlying labor demand.
Analysts at Wells Fargo note that the openings-to-unemployment ratio dipped below 1.0 in August, and another decline would reinforce signs of loosening labor conditions. Meanwhile, the quit rate has stayed at 1.9% throughout the year; a meaningful drop from here would suggest workers are turning more cautious as job security becomes less certain.
Earnings Calendar – Tuesday
GameStop (GME) – Earnings Snapshot
- Report: Q3 2025 Earnings
- Timing: After Market Close (AMC)
- Expected EPS: –0.03
- Previous Performance: Reported Q2 revenue of $972 million, rising from $798 million.
- Analyst Forecast for Q3: Revenue projected at $987.3 million with EPS expected at $0.20.
Key Considerations: Revenue momentum may support the share price, but risks remain due to debt linked to the company’s Bitcoin initiative and continued volatility driven by meme-stock trading dynamics.
AutoZone (AZO)
- Report: Q1 2026 Earnings
- Timing: Before Market Open (BMO)
- Expected EPS: 32.4
Ferguson Enterprises (FERG)
- Report: Q1 2026 Earnings
- Timing: Before Market Open (BMO)
- Casey’s General Stores (CASY)
- Timing: After Market Close (AMC)
Gold Sticks to $4,200
Although demand for safe haven assets is still high, gold fell precipitously from record highs following the Fed’s most recent rate cut comments, as profit-taking was prompted by Powell’s cautious tone. Earlier this month, gold jumped above $4.3800 following the Federal Reserve’s announcement of a 25 basis point rate decrease. But the impetus soon waned, and prices dropped back to $4,004. The 20 daily SMA (gray) held as support last week and buyers returned and pushed XAU above $4,200K yesterday.
USD/JPY Returns Above 150
Foreign exchange markets saw sharp swings. Early in the week, U.S. yield differentials and Japanese capital outflows pushed the dollar above ¥150, but disappointing U.S. jobs data triggered profit-taking, causing the USD/JPY to slide by four yen from its peak. However, the new BOJ governor the JPY has weakened and USD/JPY soared to 154 and we decided to close our buy signal for more than 80 pips.
USD/JPY – Weekly Chart
Cryptocurrency Update
Bitcoin breaks Above the 20 Daily SMA
Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down below $105,000 before finding support at the 200 daily SMA (purple) and recovering above $115,000 but then fell toward $100K again. However over the weekend BTC started to rebound and the price climbed but reversed lower after finding resistance at the 20 daily SMA (gray) which was broken yesterday though.
BTC/USD – Daily Chart
Ethereum Rebounds Off Support
Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. Last week we saw a dive below $2.700 but the 200 weekly SMA held as support and we’re seeing a rebound.
ETH/USD – Daily Chart
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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