Weekly Economic Calendar: Week of December 8 - 13, 2025 (GMT+8)
This week’s macro calendar (15–20 Dec, UTC+8) is packed with major rate decisions and key inflation/US data that can move FX, rates, and risk assets. With UK CPI and Eurozone CPI mid-week and BoE + ECB rate decisions on Thursday, traders should be ready for sharp intraday swings, especially across GBP, EUR, JPY, and USD pairs.
| Time | Cur. | Events | Fcst | Prev |
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Tuesday, December 16, 2025
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| USD |
Nonfarm Payrolls (Nov)
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USD
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Core Retail Sales (MoM) (Oct) | |||
| USD |
Retail Sales (MoM) (Oct)
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| USD |
Unemployment Rate (Nov)
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USD
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S&P Global Services PMI (Dec) | |||
| USD | ||||
| USD | Philadelphia Fed Manufacturing Index (Dec) | |||
| USD | Core CPI (MoM) (Nov) | |||
| USD | CPI (MoM) (Nov) | |||
| USD | CPI (YoY) (Nov) | |||
| USD | ||||
| Core PCE Price Index (MoM) (Oct) | ||||
| Core PCE Price Index (YoY) (Oct) | ||||
| Existing Home Sales (Nov) | ||||
| Key highlights: |
Macro Analysis
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U.S. Retail Sales, Jobs & Services (Tuesday)
Tuesday is the first major volatility cluster for USD. Retail Sales and Core Retail Sales will signal whether consumer demand is holding up, while the Unemployment Rate provides a quick read on labour conditions. Later, S&P Global Services PMI helps confirm whether the services engine is expanding or cooling. A strong consumer + firm labour backdrop tends to keep USD supported; weaker prints can quickly revive “growth slowdown” pricing.
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UK CPI & Eurozone CPI (Wednesday)
Mid-week inflation data matters most for GBP and EUR positioning ahead of Thursday’s central bank decisions. If UK CPI runs hotter than expected, it increases the chance the BoE stays restrictive longer—GBP-positive. For the Eurozone, CPI helps set the tone for how markets interpret the ECB’s stance; surprises can drive sharp moves in EUR crosses.
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BoE + ECB Decisions, Plus U.S. Data (Thursday)
Thursday is the peak-risk session. The BoE and ECB rate decisions can reset forward guidance and reprice rate differentials, driving sharp moves in GBP and EUR. At the same time, the U.S. slate is heavier than usual, with CPI (MoM/YoY) and Core CPI alongside Initial Jobless Claims and the Philadelphia Fed index, which can trigger strong USD volatility, especially if inflation and labour signals push markets in the opposite direction of Europe’s policy messaging.
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BoJ + U.S. Core PCE (Friday)
Friday keeps risk high. The BoJ rate decision can trigger fast JPY repricing (especially on USD/JPY and yen crosses). Later, Core PCE (MoM & YoY)—the Fed’s key inflation gauge—can shift USD expectations again. Existing Home Sales is secondary, but can still influence risk sentiment if it surprises meaningfully.
Speculative Outlook for USD Traders
This week is a Retail Sales → BoE/ECB → BoJ/PCE volatility chain. Here’s how it could play out:
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