Week’s main events (November 24 – November 28)

During the shortened Thanksgiving week in the United States, government agencies will continue releasing economic data delayed by the federal shutdown, including reports on producer prices, retail sales, and September durable goods orders. In the United Kingdom, Finance Minister Reeves is scheduled to present the long-awaited Autumn Budget.
Elsewhere, Germany, Australia, and Singapore will publish November inflation data and other key leading indicators. Canada is set to update its GDP figures, while the Reserve Bank of New Zealand (RBNZ) will announce its policy rate decision, with markets widely expecting a rate cut.

Monday, November 24

Monday is expected to be relatively quiet on the economic events front. During the European session, Germany will publish business activity data, though it is unlikely to have a significant impact on the euro. In Japan, financial markets will be closed due to a bank holiday.

Main events of the day:

– German ifo Business Climate (m/m) at 11:00 (GMT+2); – EUR (MED)
– Eurozone ECB President Lagarde Speaks at 16:50 (GMT+2). – EUR (LOW)

Tuesday, November 25

On Tuesday, market participants will review the delayed US Producer Price Index report, held up by the government shutdown, which serves as a key leading indicator of consumer inflation. Inflationary pressures are expected to strengthen, potentially further reducing the likelihood of a rate cut in December and supporting the US dollar. The US retail sales report will also be in focus, offering important insights into consumer spending momentum.

Main events of the day:

– US Producer Price Index (m/m) at 15:30 (GMT+2); – USD (HIGH)
– US Retail Sales (m/m) at 15:30 (GMT+2); – USD (MED)
– US Pending Home Sales (m/m) at 17:00 (GMT+2). – USD (MED)

Wednesday, November 26

Increased volatility is anticipated on Wednesday. During the Asian session, investors will analyze the latest Australia inflation report, with annual inflation expected to ease from 3.5% to 3.3%. However, this moderation is unlikely to shift the Reserve Bank of Australia’s hawkish policy stance. Then attention will turn to the Reserve Bank of New Zealand, where a widely expected rate cut from 2.5% to 2.25% is already priced in. If the RBNZ signals that the easing cycle is nearing its end, this could, conversely, lend support to the New Zealand dollar. In the United Kingdom, the Autumn Budget will be a key event. The British pound may face pressure if the fiscal measures are perceived as detrimental to economic growth. Finally, during the US session, traders will focus on the release of the PCE inflation report, a metric closely monitored by the FOMC for policy guidance.

Main events of the day:

– Australia Consumer Price Index (m/m) at 02:30 (GMT+2); – AUD (HIGH)
– New Zealand RBNZInterest Rate Decision at 03:00 (GMT+2); – NZD (HIGH)
– New Zealand RBNZ Rate Statement at 03:00 (GMT+2); – NZD (HIGH)
– New Zealand RBNZ Press Conference at 04:00 (GMT+2); – NZD (MED)
– UK Autumn Forecast Statement (tentative); – GBP (HIGH)
– US Initial Jobless Claims (w/w) at 15:30 (GMT+2); – USD (MED)
– US Durable Goods Orders (m/m) at 15:30 (GMT+2); – USD (MED)
– US GDP (q/q) at 15:30 (GMT+2); – USD (MED)
– US PCE Price index (m/m) at 15:30 (GMT+2); – USD (HIGH)
– US Chicago PMI (m/m) at 16:45 (GMT+2); – USD (MED)
– US Crude Oil Reserves (w/w) at 17:30 (GMT+2); – WTI (HIGH)
– US Natural Gas Storage (w/w) at 19:00 (GMT+2); – XNG (HIGH)
– New Zealand Retail Sales (m/m) at 23:45 (GMT+2). – NZD (MED)

Thursday, November 27

Thursday is Thanksgiving Day in the United States, and US markets will be closed. No significant events are scheduled in Asia or Europe. The only notable release will be the minutes from the latest ECB meeting, though they are unlikely to generate a meaningful reaction in the euro.

Main events of the day:

– German GfK Consumer Confidence (m/m) at 09:00 (GMT+2); – EUR (LOW)
– Eurozone ECB Monetary Policy Meeting Accounts at 14:30 (GMT+2). – EUR (LOW)

Friday, November 21

On Friday, Japan will release a series of economic indicators during the Asian session. The Tokyo inflation report, viewed as a leading gauge of nationwide price trends, will be the primary focus. Inflation is expected to ease from 2.8% to 2.7% y/y, signaling continued instability in price dynamics and further diminishing the likelihood of a rate hike by the Bank of Japan. With the new prime minister favoring accommodative monetary policy and implementing additional stimulus measures, the Japanese yen is likely to remain under pressure, increasing the risk of potential intervention. Later in the day, investors will turn their attention to Germany’s inflation figures. A decline in the indicator is anticipated, which would reinforce the ECB’s policy perspective and support the euro.

Main events of the day:

– Japan Tokyo Core CPI (m/m) at 01:30 (GMT+2); – JPY (MED)
– Japan Unemployment Rate (m/m) at 01:30 (GMT+2); – JPY (MED)
– Japan Retail Sales (m/m) at 01:50 (GMT+2); – JPY (MED)
– German Retail Sales (m/m) at 09:50 (GMT+2); – EUR (MED)
– Switzerland GDP (q/q) at 10:00 (GMT+2); – CHF (MED)
– German Unemployment Rate (m/m) at 10:55 (GMT+2); – EUR (LOW)
– German Inflation Rate (m/m) at 15:00 (GMT+2); – EUR (MED)
– Canada GDP (m/m) at 15:30 (GMT+2). – CAD (MED)

by JustMarkets, 2025.11.24

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