FX Economic Calendar

September 22 - September 26, 2025 Economic report and policy meetings

 

Manufacturing PMI Data: Tuesday, September 23, 2025

Why This Week's PMI Data Is important? Flash PMI survey data will provide a key focus for the markets in the coming week offering the first major snapshot of September economic conditions. A concern is that some of the recent improvement in manufacturing growth could have been fueled by the front-loading of shipments ahead of US tariffs. Traders and investors will look at September's PMIs searching for clues that the initial boost may be fading. With manufacturing just above contraction levels, any significant deterioration could reinforce dovish Fed expectations and put more weight on rate cuts in coming months.

Core PCE Price Index: Friday, September 26, 2025

Friday's release of the US core PCE price index will be eagerly awaited. Following the Fed's recent quarter-point rate cut, markets will examine August PCE data for signs that inflation remains on the path to the 2% Fed target. US consumer price inflation rose to 2.9% in August, with survey data (CPI) hinting at more price rises to come. Any significant deviation from expectations could impact market pricing for future Fed rate cuts. Persistent inflation above 2.5% will continue to complicate the Fed's easing cycle, but below-target readings could reinforce expectations for additional rate cuts in 2025.

Initial Jobless Claims: Thursday, September 26, 2025

Weekly jobless claims serve as the timeliest indicator of labor market conditions. The Fed watches labor market conditions closely as part of its employment mandate. Weekly claims provide real-time insights into whether economic softness is translating into layoffs and sustained increases in claims often precede broader economic downturns.

Complete Economic Picture

The convergence of these three critical indicators in one week provides markets with a comprehensive view of economic conditions across manufacturing activity, price pressures, and employment trends—the foundations of Federal Reserve policy.

This week's data will likely shape market expectations for the remainder of 2025's monetary policy path and provide insights into whether the US economy can maintain its resilience despite ongoing trade uncertainties and restrictive monetary conditions.

Monday, September 22^nd

U.S.: Chicago Fed Nat’l Activity Index (Aug)

Euro Area (EU): Flash Consumer Confidence (Sep) • ECB Lane (ESRB workshop)

United Kingdom: BoE Huw Pill (workshop) • BoE Gov. Bailey (fireside chat)

Canada: Industrial Product & Raw Materials Prices (Aug) • BoC Rogers & Kozicki speeches

Australia: RBA Gov. Bullock (Parliament testimony)

Japan: BoJ: Securities Financing Stats (Aug) • Real Exports & Imports note

India: Infrastructure Output

Tuesday, September 23^rd  

U.S.: Current Account Bal(Q2) • Manufacturing PMI • Services PMI • Existing Home Sales (Aug) • Richmond Fed (Sep); Powell speech

Euro Area (EU): EU Manufacturing PMI (Sep) • EU Services PMI • Germany Manufacturing PMI • ECB weekly statement

United Kingdom: UK Manufacturing PMI (Sep) • UK Services PMI(Sep) • BoE Huw Pill (fireside chat)

Canada: BoC Dep. Gov. Kozicki (videoconference)

Australia: Flash PMIs (Sep)

Japan: Flash PMIs (Sep)

India: HSBC Composite PMI Flash • HSBC Manufacturing PMI Flash • HSBC Services PMI Flash

Wednesday, September 24^th

U.S.: New Home Sales (Aug) • Mortgage applications

Euro Area (EU): Germany IFO Business Climate (Sep)

United Kingdom: PPI/SPPI detail • BoE MPC’s Megan Greene (speech)

Australia: Monthly CPI Indicator (Aug)

Japan: BoJ: Banking stats; accounts • Underlying inflation measures

Thursday, September 25^th

U.S.: GDP Q2 (3rd est.) • Weekly Jobless Claims • Durable Goods Orders (Aug, adv.) • Advance Trade in Goods (Aug) • Existing Home Sales

Euro Area (EU): Germany Ifo Export Expectations (Sep)

Canada: Payroll Employment • Earnings & Hours (Jul)

Friday, September 26^th

U.S.: Personal Income & Outlays (Aug: Core PCE and headline PCE) • Univ. of Michigan Sentiment (Sep, final)

Euro Area (EU): Germany Consumer Confidence • ECB regular publications

Canada: GDP MoM (Jul) • GDP YoY (Jul)

Japan: Tokyo CPI (Sep)