Forex Signals December 9: JOLTS Jobs Strong, GameStop Earnings Preview

Quick overview

Gamestop’s earnings and JOLTS data take center stage today as markets search for indicators of consumer resilience and the general condition of the U.S. job 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.

• JOLTS October job openings 7.600M vs 7.150M estimateThe hire rate remained steady at 3.2%.
• No significant hiring shifts occurred across any major industries
• In October, total separations were little changed at 5.1 million and a 3.2% rate.
• Total separations fell in health care & social assistance (-111,000) and the federal government (-34,000).
• Quits in October were little changed at 2.9 million with a 1.8% rate.
• Quits were down 276,000 over the year.
• Quits decreased in:

  • Accommodation & food services (-136,000)

  • Health care & social assistance (-114,000)

  • Federal government (-25,000)

• Federal government quits hit a series high of 46,000 in September.
• Quits increased in:

• • Arts, entertainment & recreation (+38,000)

  • Information (+21,000)

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

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

ABOUT THE AUTHOR See More

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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