Yen Strengthens While Oil and Gold Advance

The Japanese yen produced the session's most notable move on Wednesday, September 2, as the currency strengthened roughly 1% against the dollar during the global trading session.

Crude oil prices advanced as renewed military strikes between the United States and Iran raised supply-flow risks in the Middle East. Brent crude settled at $95.63 a barrel, rising approximately 1% on the day while broader equity indexes and Treasury yields held relatively steady.

Gold rebounded more than 1% as government bond yields and the U.S. dollar retreated from earlier highs, recovering from lower prices earlier in the session.

Currencies and commodities trade continuously across global time zones, and markets moved further after the close. By 10:10 am New York, subsequent trading showed the yen against the dollar +2.6% alongside silver -1.6%.

Major cryptocurrencies saw little change on the session, including Bitcoin -0.3% and Ethereum -0.2%. Digital asset markets showed limited reaction to the broader swings seen across energy contracts and foreign exchange pairs.

Looking ahead, upcoming economic releases are scheduled to provide fresh readings on business activity and the broader economy. On Thursday morning, economic releases include weekly initial jobless claims, July international trade figures, and revised second-quarter productivity data at 8:30 a.m. Eastern time, followed by the August Services PMI at 10:00 a.m. Eastern time to measure service sector conditions.

On Friday at 8:30 a.m. Eastern time, the Bureau of Labor Statistics is scheduled to release the August Employment Situation report. Friday's schedule also includes the Global Supply Chain Pressure Index and Staff Nowcast updates, while the Federal Open Market Committee is not scheduled to meet until its policy session on September 15 and 16.