Forex Economic Calendar Overview: Key Events for the Next Trading Week (17.11.2025–23.11.2025)

2025.11.10 2025.11.12
Weekly Economic Calendar for 17.11.2025–23.11.2025

Jana Kanehttps://www.litefinance.org/blog/authors/jana-kane/

Market sentiment is gradually turning positive after the resolution of the US government shutdown earlier this week. Investors are still digesting last week’s inflation data as they try to predict the Fed’s next move at its December meeting. Investors will carefully study the Fed’s October meeting minutes, scheduled for release on Wednesday. For now, expectations of another rate cut persist.

Furthermore, in the upcoming week of November 17–23, 2025, market participants will focus on the key macroeconomic data from Canada, the UK, Germany, the Eurozone, and the US. Moreover, the market will wait for the outcomes of the People’s Bank of China meeting.

Note: During the coming week, new events may be added to the calendar, and/or some scheduled events may be canceled. GMT time

Major Takeaways

• Monday: Canadian CPIs.
• Tuesday: The Reserve Bank of Australia’s (RBA) meeting minutes.
• Wednesday: The minutes from the FOMC’s October meeting.
• Thursday: The People’s Bank of China interest rate decision.
• Friday: UK retail sales and preliminary S&P Global PMIs for Germany, the Eurozone, the UK, and the US.
• Sunday: New Zealand’s retail sales.
• Key event of the week: The minutes from the FOMC’s October meeting.

Monday, November 17

13:30 – CAD: Canadian Consumer Price Indexes

The Consumer Price Index (CPI) reflects the retail price trends of a selected basket of goods and services. Meanwhile, the Core CPI excludes fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products. The inflation target for the Bank of Canada ranges between 1% and 3%. A higher CPI reading is a sign of a rate hike and is positive for the Canadian dollar.

Previous values:

• CPI: +0.1% (+2.4% YoY), -0.1% (+1.9% YoY), +0.3% (+1.7% YoY), +0.1% (+1.9% YoY), +0.6% (+1.7% YoY), -0.1% (+1.7% YoY) in April, +0.3% (+2.3% YoY) in March, +1.1% (+2.6% YoY) in February, +0.1% (+1.9% YoY) in January 2025, -0.4% (+1.8% YoY) in December 2024, 0% (+1.9% YoY), +0.4% (+2.0% YoY), -0.4% (+1.6% YoY),-0.2% (+2.0% YoY), +0.4% (+2.5% YoY), -0.1% (+2.7% YoY), +0.6% (+2.9% YoY), +0.5% (+2.7% YoY), +0.6% (+2.9% YoY), +0.6% (+2.9% YoY), +0.3% (+2.8% YoY), 0% (+2.9% YoY), -0.3% (+3.4% YoY), +0.1% (+3.1% YoY), +0.1% (+3.1% YoY), -0.1% (+3.8% YoY), +0.4% (+4.0% YoY), +0.6% (+3.3% YoY), +0.1% (+2.8% YoY);
• Core CPI released by the Bank of Canada: +0.3% (+2.8% YoY), 0% (+2.6% YoY), +0.1% (+2.6% YoY), +0.1% (+2.7% YoY), +0.6% (+2.5% YoY), +0.5% (+2.5% YoY) in April, -0.2% (+2.2% YoY) in March, +0.7% (+2.7% YoY) in February, +0.4% (+2.1% YoY) in January 2025, +0.3% (+1.8% YoY) in December 2024, -0.1% (+1.6% YoY), +0.4% (+1.7% YoY), 0% (+1.6% YoY), -0.1% (+1.5% YoY), +0.3% (+1.7% YoY), -0.1% (+1.9% YoY), +0.6% (+1.8% YoY), +0.2% (+1.6% YoY), +0.5% (+2.0% YoY), +0.1% (+2.1% YoY), +0.1% (+2, 4% YoY), -0.5% (+2.6% YoY), +0.1% (+2.8% YoY), +0.3% (+2.7% YoY), -0.1% (+2.8% YoY), +0.1% (+3.3% YoY), +0.5% (+3.2% YoY), -0.1% (+3.2% YoY).

The data suggests that inflation continues to decelerate, which prompts the Canadian central bank to consider implementing a dovish monetary policy. If the expected data is worse than the previous values, it will negatively affect the Canadian dollar, but if the data exceeds expectations, it will bolster the currency.

Tuesday, November 18

00:30 – AUD: Reserve Bank of Australia Meeting Minutes

The document is published two weeks after the meeting and the interest rate decision. If the RBA is optimistic about the country’s labor market and GDP growth rate and is hawkish on the inflation outlook, the rate may be increased at the next meeting, which is favorable for the Australian dollar. The bank’s dovish rhetoric on inflation, in particular, is putting pressure on the Australian dollar.

At the August 2025 meeting, the RBA cut its interest rate by 0.25% to 3.60%. This move represents a shift away from the 12-year high of 4.35%, as the bank pointed to declining inflationary pressures and global uncertainties. This rate is now at its lowest since 2023.

At the September meeting, the interest rate was kept at the previous level of 3.60%.

RBA Governor Michele Bullock noted that the central bank does not rule out a gradual reduction in interest rates. She stated that “the Board is focused on its mandate to deliver price stability” and that the RBA’s forward-looking monetary policy signals potential for further rate cuts. «That could mean a couple more reductions. It might not, I don’t know at this point,” she said.

Moreover, Bullock earlier mentioned that “the RBA needs further data to support its forecast that core inflation will ease toward 2.5%.”

If the released minutes contain unexpected information regarding the RBA’s monetary policy issues, the volatility in the Australian dollar will increase.

Wednesday, November 19

07:00 – GBP: UK Consumer Price Index. Core Consumer Price Index

The Consumer Price Index (CPI) measures the retail prices of a group of goods and services comprising the UK consumer basket. The CPI is a key indicator of inflation. The British pound’s movement on the currency market and the London Stock Exchange FTSE 100 index performance depend on the release of the CPI data.

In September, the UK consumer inflation rose by 0% (+3.8% YoY), +0.3% (+3.8% YoY), +0.1% (+3.8% YoY), after +0.3% (+3.6% YoY), +0.2% (+3.4% YoY) in May, +0.3% (+2.6% YoY) in March, +0.4% (+2.8% YoY) in February, +3.0% YoY in January 2025, +0.3% (+2.5% YoY) in December 2024, +0.1% (2.6% YoY), +0,6% (2.3% YoY) in October, 0% (+1.7%YoY) in September, +0.3% (+2.2% YoY) in August, -0.2% (+2.2% YoY) in July, +0.1% (+2.0% YoY) in June, +0.3% (+2.0% YoY) in May, +0.3% (+2, 3% YoY) in April, +0.6% (+3.2% YoY) in March, +0.6% (+3.4% YoY), -0.6% (+4.0% YoY) in January 2024, +0.4% (+4.0% YoY) in December. 

The data suggests persistent inflationary pressures in the UK, which are expected to bolster the British pound, particularly if the actual data surpasses the forecasted values.

An indicator reading below the forecast/previous value may cause the weakening of the British pound since low inflation will force the Bank of England to stick to the easy monetary policy course.

The Core CPI, published by the Office for National Statistics, measures the price change in a selected basket of goods and services (excluding food and energy) over a given period. It is a key indicator for assessing inflation and changes in consumer preferences. A positive result strengthens the British pound, while a negative outcome weakens it.

In September, the core CPI gained +3.6% YoY, after 3.8% in July, +3.7% in June, +3.5% in May, +3.8% in April, +3.4% in March, +3.5% in February, +3.7% in January 2025, +3.2% in December 2024, +2.6% in November, +3.3% in October, +1.7% in September, +3.6% in August, +3.3% in July, +3.5% in June and May, +3.9%, +4.2%, +4.5%, +5.1% in January 2024, December and November, after rising +5.7% +6.1%, +6.2% three months earlier. The publication will likely positively impact the British pound in the short term if it exceeds the forecasted and previous values. A reading below the forecast and/or previous values may weaken the pound.

19:00 – USD: Federal Open Market Committee Meeting Minutes

The FOMC minutes release is extremely important for determining the course of the Fed’s current policy and the prospects for US interest rate hikes. Volatility in financial markets usually increases during the minutes’ publication, as they often reveal changes or provide clarifications from the latest FOMC meeting.

Following the meetings in the first half of 2025, the Fed’s interest rate remained at 4.50%. In September, it was reduced by 0.25% for the first time in 2025. In October, the Fed lowered its benchmark interest rate by 25 basis points to 3.75%–4.00%. The decision came with two dissenting votes. Chair Jerome Powell emphasized that another rate cut in December is far from guaranteed and that monetary policy will depend on incoming data.

Despite strongly differing views within the committee regarding the future direction of the economic policy, the Fed’s decision and Powell’s press conference were perceived as unexpectedly hawkish. Nevertheless, many market participants assume that the Fed will cut interest rates by another 0.25% before the end of 2025.

The dovish tone of the minutes will positively impact stock indices and negatively affect the US dollar. The hawkish Fed’s rhetoric on monetary policy may boost the greenback.

Thursday, November 20

01:15 – CNY: People’s Bank of China Interest Rate Decision

Since May 2012, the People’s Bank of China has been lowering its interest rate to support Chinese manufacturers. Last time, the bank reduced the rate in October 2024 after a long pause since August 2023 and a brief halt in July, bringing the rate down by 0.1% to its current level of 3.00%.

What will the Chinese central bank do this time after pausing? The People’s Bank of China will likely keep the interest rate unchanged at 3.00% at this meeting, although other decisions are also possible.

Should the People’s Bank of China make statements that deviate from expectations, volatility may increase across the entire financial market, particularly in the Asian one. Investors will closely watch the bank’s assessment of the Chinese economy’s prospects and its policy stance in the short term.

Friday, November 21

07:00 – GBP: UK Retail Sales

The retail sales economic indicator is a key metric that tracks the level of consumer demand and significantly impacts market performance and the national currency. Additionally, it serves as an indirect indicator of inflation, making it a key concern for a country’s central bank and market participants. 

The retail sales report is released by the UK Office for National Statistics. The Retail Sales change is considered to indicate the consumer spending level. High indicator values are positive for the British pound, while low readings are negative.

Previous index values YoY: +1.5%, +0.7%, +1.8%, -1.2%, +5.2%, +2.6%, +1.3%, +0.3% in January 2025, +2.2% (in December 2024), -0.7%, +0.9%, +2.3%, +1.2%, +0.5%, -1.9%, +0.6%, -2.8%, -0.7%, -0.8%, +0.1% (in January 2024).

08:30 – EUR: Manufacturing and Services Purchasing Managers’ Index of the German Economy by S&P Global. Composite Purchasing Managers’ Index of the German Economy by S&P Global (Preliminary Release)

The manufacturing and services PMIs are important indicators of the business environment and the health of the German economy. These sectors play a significant role in Germany’s GDP. A reading above 50 indicates a positive outlook and bolsters the euro, while a reading below 50 is negative for the euro. Conversely, data worse than the forecasted and/or the previous value will prove to be negative for the euro.

Previous values:

• Manufacturing PMI: 49.6, 49.5, 49.8, 49.1, 49.0, 48.3, 48.4, 48.3, 46.5, 45.0, 42.5 in December 2024, 43.0, 43.0, 40.6, 42.4, 43.2, 43.5, 45.4, 42.5, 41.9, 42.5, 45.5, 43.3, 40.8, 39.6, 38.8, 40.6, 43.2, 44.5, 44.7, 46.3, 47.3, 47.1, 46.2, 45.1, 47.8, 49.1, 49.3, 52.0, 54.8, 54.6;
• Services PMI: 54.6, 51.5, 49.3, 50,6, 49.7, 47.1, 49.0, 50.9, 51.1, 52.5, 51.2 in December 2024, 49.3, 51.6, 50.6, 51.2, 52.5, 53.1, 54.2, 53.2, 50.1, 48.3, 47.7, 45.7, 48.2, 50.3, 52.3, 54.1, 57.2, 56.0, 53.7, 50.9, 50.7, 49.2, 46.1, 46.5, 45.0, 47.7, 49.7, 52.4, 55.0, 57.6, 56.1, 55.8;
• Composite PMI: 53.9, 52.0, 50.5, 50.6, 50.4, 48.5, 50.1, 51.3, 50.4, 50.5, 48.0 in December 2024, 47.2, 48.6, 47.5, 48.4, 49.1, 50.4, 52.4, 50.6, 47.7, 46.3, 47.0, 47.4, 45.9, 46.4, 48.5, 50.6, 53.9, 54.2, 52.6, 50.7, 49.9, 49.0, 46.3, 45.1, 45.7, 46.9, 48.1, 51.3, 53.7, 54.3, 55.1, 55.6.

09:00 – EUR: Manufacturing and Services Purchasing Managers’ Index. Composite Purchasing Managers’ Index of Eurozone Manufacturing Activity by S&P Global (Preliminary Release)

The Eurozone manufacturing and services PMIs are significant indicators of the European economy. Readings above 50 are positive and strengthen the euro, while readings below 50 are negative for the currency. If the figures are worse than the forecasted and/or the previous value, the euro will be affected negatively.

Previous values:

• Manufacturing PMI: 49,8, 50.7, 49.8, 49.5, 49.4, 49.0, 48.6, 47.6, 46.6, 49.6 in December 2024, 45.2, 46.0, 45.0, 45.8, 45.8, 45.8, 47.3, 45.7, 46.1, 46.5, 46.6, 44.4, 43.1, 47.2, 42.7, 43.4, 44.8, 45.8, 47.3, 48.5, 48.8 in January 2023;
• Services PMI: 53.0, 51,3, 50.5, 51.0, 50.5, 49.7, 50.1, 51.0, 50.6, 51.3, 51.2 in December 2024, 49.5, 51.6, 51.4, 52.9, 51.9, 52.8, 53.2, 53.3, 51.5, 50.2, 48.4, 48.8, 47.8, 48.7, 50.9, 52.0, 55.1, 56.2, 55.0, 52.7, 50.8 in January 2023;
• Composite PMI: 50.0, 51,2, 51.0, 50.9, 50.6, 50,2, 50.1, 50.9, 50.2, 50.2, 48.0 in December 2024, 48.3, 50.0, 49.6, 51.0, 50.2, 50.9, 52.2, 51.7, 50.3, 49.2, 47.9, 47.6, 46.5, 47.2, 48.6, 52.8, 54.1, 53.7, 52.0, 50.3, 49.3 in January 2023.

09:30 – GBP: Manufacturing and Services Purchasing Managers’ Index. Composite Purchasing Managers’ Index of the UK Manufacturing Sector by S&P Global (Preliminary Release)

The manufacturing and services PMIs serve as a vital indicator of the UK economy’s health. The services sector employs the majority of the UK’s working-age population and contributes approximately 75% of GDP. Financial services continue to be the most important part of the services sector. If the data is worse than the forecast and the previous value, the British pound will likely experience a short-term but sharp decline. If the data exceeds the forecast and the previous value, it will have a positive impact on the currency. At the same time, a PMI reading above 50 is favorable and strengthens the British pound, while a reading below 50 is negative for the currency.

Previous values:

• Manufacturing PMI: 49.7, 46.2, 47.0, 48.0, 47.7, 46.4, 45.4, 44.9, 46.9, 48.3, 48.0, 49.9, 51,5, 52.5, 52.1, 50.9, 51.2, 49.1, 50.3, 47.5, 47.0, 46.2, 44.8, 44.3, 45.3, 46.5, 47.1, 47.8, 47.9, 49.3, 47.0, 45.3, 46.5, 46.2, 48.4;
• Services PMI: 52.3, 50.8, 54.2, 51.8, 52.8, 50.9, 49.0, 52.5, 51.0, 50.9, 51.1 in December 2024, 50.8, 52.0, 51.4, 53.7, 52.5, 52.1, 52.9, 55.0, 53.1, 53.8, 54.3, 53.4, 49.5, 49.3, 51.5, 53.7, 55.2, 55.9, 52.9, 53.5, 48.7, 49.9, 48.8, 48.8, 50.0, 50.9, 52.6;
• Composite PMI: 52.2, 50.1, 53.5, 51.5, 52.0, 50.3, 48.5, 51.5, 50.5, 50.6, 50.4 in December 2024, 50.5, 51.8, 49.6, 53.8, 52.8, 52.3, 53.0, 54.1, 52.8, 53.0, 52.9, 52.1, 48.7, 48.5, 50.8, 52.8, 54.0, 54.9, 52.2, 53.1, 48.5 in January 2023.

14:45 – USD: Manufacturing and Services Purchasing Managers’ Index of the US Economy by S&P Global. Composite Purchasing Managers’ Index (Preliminary Releases)

The PMIs of the most important US economic sectors, released by S&P Global, are an important gauge of the US economic conditions. A PMI reading above 50 signals bullishness, bolstering the US dollar, whereas a reading below 50 bodes negatively for the greenback.

Previous values:

• Manufacturing PMI: 52.5, 52.0, 53.0, 49.8, 52.0, 52.0, 50.2, 50.2, 52.7, 51.2, 49.4 in December 2024, 49.7, 48.5, 47.6, 47.9, 49.6, 51.6, 51.3, 50.0, 51.9, 52.2, 50.7, 47.9, 50.0, 49.8, 49.0, 46.3, 48.4, 50.2, 47.3, 46.9, 46.2, 47.7, 50.4, 52.0, 51.5;
• Services PMI: 54.8, 54.2, 54.5, 55.7, 52.9, 53.7, 50.8, 54.4, 51.0, 52.9, 56.8 in December 2024, 56.1, 55.0, 55.2, 55.7, 55.0, 55.3, 54.8, 51.3, 51.7, 52.3, 52.5, 51.4, 50.6, 50.1, 52.3, 54.4, 54.9, 53.6, 50.6, 46.8, 44.7, 46.2, 47.8, 49.3, 43.7, 47.3, 52.7, 53.4, 55.6;
• Composite PMI: 54.6, 53.9, 54.6, 55.1, 52.9, 50.3, 50.6, 53.5, 51.6, 52.7, 55.4 in December 2024, 54.9, 54.1, 54.0, 54.6, 54.3, 54.8, 54.5, 51.3, 52.1, 52.5, 52.0, 50.9, 50.7, 50.2, 52.0, 53.2, 54.3, 53.4, 52.3, 50.1, 46.8 in January 2023.

Sunday, November 23

22:45 – NZD: Retail Sales in Q3

The retail sales data is published by Statistics New Zealand. Change in retail sales volume is usually considered an indicator of consumer spending. Strong retail sales are generally positive for the New Zealand dollar, while weak figures weigh on the currency. In Q2 2025, the retail sales volume indicator showed a gain of +0.5% after 0.8% in Q1 2025, +1.0% in Q4 2024, 0% in Q3, a decline of -1.2% in Q2 2024, an increase of +0.4% in Q1, a decline of -1.8% in Q4 2023, -0.8% in Q3, and -1.0% in Q1 2023. The decline in retail sales is bearish for the New Zealand dollar.

The New Zealand dollar may strengthen if data exceeds the forecast or previous values, while a weak report will adversely affect the currency.

Price chart of USDX in real time mode