Forex Economic Calendar Overview: Key Events for the Next Trading Week (20.10.2025–26.10.2025)

2025.10.14 2025.10.15
Weekly Economic Calendar for 20.10.2025–26.10.2025

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

Last week, political tensions once again drove the markets. Gold surged to a new record high as investors flocked to safe havens following Trump’s statements on new tariffs on China. The US dollar and Swiss franc also remained in demand, ranking just behind gold and government bonds among the top safe-haven assets.

Markets remain highly volatile, with investors having to base their strategies on earlier US macro data and recent comments from Fed officials. The Bureau of Labor Statistics has paused the release of key reports on inflation and employment due to the ongoing US government shutdown.

If the US CPI data drops this week, it will steal the spotlight. The last trading day looks set to be the most eventful, packed with major releases.

In the upcoming week of October 20–26, 2025, market participants will focus on the release of critical macroeconomic statistics from China, Canada, the UK, Germany, the Eurozone, and the US, as well as the outcome of the People’s Bank of China meeting.

Additionally, Europe will switch to winter time on Sunday, with clocks moving back one hour.

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: People’s Bank of China meeting and release of key data, including GDP.
• Tuesday: Canadian CPIs.
• Wednesday: UK CPIs.
• Thursday: No important macroeconomic statistics are scheduled.
• Friday: UK retail sales, preliminary PMIs for Germany, the Eurozone, the UK, and the US released by S&P Global, and US CPIs.
• Key event of the week: US CPI release.

Monday, October 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%.

In 2024, the world’s major central banks have also started a policy easing cycle amid slowing inflation. What will the Chinese central bank do this time after pausing since September 2023 and easing policy in July 2024?

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.

02:00 – CNY: China’s GDP for Q3. Industrial Production. Retail Sales

The National Bureau of Statistics of China will release the GDP growth data for Q3 2025.

China’s GDP is expected to grow again in Q3 2025 after +1.1% (+5.2% YoY) in Q2 2025, +1.2% (+5.4% YoY) in Q1 2025, +1.6% (+5.4% YoY) in Q4 2024, +1.3% (+4.6% YoY) in Q3, +0.7% (+4.7% YoY) in Q2 2024, +1.6% (+5.3% YoY) in Q1 2024, +1.0% (+5.2% YoY) in Q4 2023, +1.3% (+4.9% YoY) in Q3 2023, +0.8% (+6.3% YoY) in Q2 2023, +2.2% (+4.5%YoY) in Q1, 0% (+2.9% YoY) in Q4 2022, +3.9% (+3.9 YoY) in Q3, -2.6% (+0.4% YoY) in Q2, +1.3% (+4.8% YoY) in Q1 2022, +1.6% (+4.0% YoY) in Q4, +0.2% (+4.9% YoY) in Q3, +1.3% (+7.9% YoY) in Q2 and +0.6% (+18.3% YoY) in Q1 2021.

China is a major buyer of commodities and a supplier of a wide range of finished goods to the global commodity market. Since China’s economy is the second largest in the world, the release of its significant macroeconomic indicators can profoundly influence the overall financial market.

Besides, China is the largest trading partner of Australia and New Zealand, purchasing a significant amount of commodities from these countries.

Therefore, positive macro statistics from China may also exert a positive influence on these commodity currencies. Conversely, if the anticipated data indicates a deceleration in one of the world’s largest economies, it would be a detrimental factor for global stock markets and commodity currencies.

The National Bureau of Statistics of China’s report on industrial production reflects the output of the country’s industrial enterprises, including factories and manufacturing facilities. The increase in industrial production is a positive factor for the yuan, indirectly signaling the possibility of accelerating inflation, which may force the People’s Bank of China to tighten monetary policy.

Conversely, the decline in the indicator value may negatively impact the yuan.

Previous values YoY: +5.2%, +5.8%, +5.9%, +6.2%, +5.4%, +5.3%, +5.4%, +4.5%, +5.1%, +5.3%, +5.6%, +6.7%, +4.5%, +7.0%, +6.8%, +6.6%, +4.5%, +3.7%, +4.4%, +3.5%, +5.6%, +3.9%, +2.4% in February 2023.

The retail sales level index, published monthly by the National Bureau of Statistics of China, gauges the change in the aggregate value of sales at the retail level across the country. The index is often viewed as an indicator of consumer confidence and economic prosperity and reflects the state of the retail sector in the near term. An increase in the index value is usually positive for the yuan, while a decrease in the index value will affect it negatively. Previous values YoY: +3.4%, +6.4%, +4.0%, +3.7% in January 2025, +3.0%, +4.8%, +3.2%, +2.1%, +2.7%, +2.0%, +3.7%, +2.3%, +3.1%, +5.5%, +7.4%, +10.1%, +4.6%, +2.5%, +3.1%, +12.7%, +18.4%, +10.6%, +3.5%, -1.8%, -5.9% after +8% in the last months of 2019 and -20.5% in February 2020.

The data indicate that this sector of the Chinese economy continues to recover after a strong decline in February and March 2020. If the data prove weaker than the forecasted or previous values, the yuan may experience a decline, potentially a sharp one.

Tuesday, October 21

12:30 – 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% (+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% (+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.

Wednesday, October 22

06:00 – 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 August, the UK consumer inflation rose +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 August, 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.

Thursday, October 23

There are no important macroeconomic statistics scheduled to be released.

Friday, October 24

06:00 – 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: +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).

07:30 – 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: 49.5, 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: 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: 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.

08:00 – 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: 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: 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.

08:30 – 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: 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: 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: 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.

12:30 – USD: US Consumer Price Indexes

The Consumer Price Index (CPI) measures the change in prices of a selected basket of goods and services over a given period. It is a key indicator for assessing inflation trends and changes in consumer preferences. Food and energy are excluded from the Core CPI to provide a more accurate assessment.

A high index reading typically strengthens the US dollar by signaling an increased likelihood of the Fed interest rate hike, while a low reading generally weakens the currency.

Previous values YoY:

• CPI: +2.9%, +2.7%, +2.7%, +2.4%, +2.3%, +2.4%, +2.8%, +3.0% in January 2025, +2.9%, +2.7%, +2.6%, +2.4%, +2,5%, +2.9%, +3.0%, +3.3%, +3.4%, +3.5%, +3.2%, +3.1%, +3.4%, +3.1% +3.2%, +3.7%, +3.7%, +3.2%, +3.0%, +4.0%, +4.9%, +5.0%, +6.0%, +6.4% in January 2023;
• Core CPI: +3.1%, +3.1%, +2.9%, +2.8%, +2.8%, +2.8%, +3.1%, +3.3% in January 2025, +3.2%, +3.3%, +3.3%, +3.3%, +3.2%, +3.2%, +3.3%, +3.4%, +3.6%, +3.8%, +3.8%, +3.9%, +3.9%, +4.0%, +4.0%, +4.1%, +4.3%, +4.7%, +4.8%, +5.3%, +5.5%, +5.6%, +5.5%, +5.6% in January 2023.

The figures indicate that inflation is decreasing inconsistently, picking up again in some months. Previous data suggest a slower decline than the Fed had expected. However, the current rate is well below the June 2022 level, when annual inflation in the US reached a 40-year high of 9.1%. US inflation remains well above the Fed’s 2% target, forcing the central bank to keep interest rates high or take a pause to assess the economic and labor market situation if the reduction occurs.

If the numbers surpass expectations and previous readings, the greenback will strengthen, as this scenario would heighten the chances that the Fed will keep interest rates elevated for longer or resume its cycle of monetary policy tightening.

13:45 – 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: 52.0, 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: 54.2, 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: 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.

Price chart of USDX in real time mode