What’s Ahead: Weekly Macroeconomic Calendar for August 18–August 22, 2025

This week, markets will keep a close eye on news from the United States, especially remarks from Fed representatives. In the spotlight are the release of the FOMC meeting minutes and the speech by Fed Chair Jerome Powell. These events may provide fresh signals on future monetary policy, which could significantly affect the US dollar. Key inflation data from the United Kingdom and the Eurozone will also be published this week.

Monday, August 18

Canada:
● 12:15 p.m. GMT: Housing Starts (July). Forecast: 264.0K / Previous: 283.7K.

Tuesday, August 19

United States:
● 12:30 p.m. GMT: Building Permits (July). Forecast: 1.390M / Previous: 1.393M.
● 6:10 p.m. GMT: Speech by FOMC member Bowman.

Canada:
● 12:30 p.m. GMT: Consumer Price Index (CPI) (Month-over-Month) (July). Previous: 0.1%.

Wednesday, August 20

New Zealand:
● 2:00 a.m. GMT: Interest Rate Decision. Forecast: 3.00% / Previous: 3.25%.

United Kingdom:
● 6:00 a.m. GMT: Consumer Price Index (CPI) (Year-over-Year) (July). Forecast: 3.7% / Previous: 3.6%.

Eurozone:
● 9:00 a.m. GMT: Consumer Price Index (CPI) (Year-over-Year) (July). Forecast: 2.0% / Previous: 2.0%.

United States:
● 2:30 p.m. GMT: Crude Oil Inventories. Previous: 3.036M.
● 2:30 p.m. GMT: Crude Oil Inventories. Previous: 3.036M.

Thursday, August 21

Eurozone:
● 8:00 a.m. GMT: Manufacturing PMI (August). Forecast: 49.6 / Previous: 49.8.
● 8:00 a.m. GMT: Composite PMI from S&P Global (August). Previous: 50.9.
● 8:00 a.m. GMT: Services PMI (August). Forecast: 50.8 / Previous: 51.0.

United States:
● 12:30 p.m. GMT: Initial Jobless Claims. Forecast: 227K / Previous: 224K.
● 12:30 p.m. GMT: Philadelphia Fed Manufacturing Index (August). Forecast: 5.9 / Previous: 15.9.
● 1:45 p.m. GMT: Manufacturing PMI (August). Forecast: 49.9 / Previous: 49.8.
● 1:45 p.m. GMT: Services PMI (August). Forecast: 53.3 / Previous: 55.7.
● 2:00 p.m. GMT: Existing Home Sales (July). Forecast: 3.92M / Previous: 3.93M.

Friday, August 22

Germany:
● 06:00 GMT: GDP (Quarter-over-Quarter) (Q2). Forecast: -0.1% / Previous: -0.1%.

United States:
● 2:00 p.m. GMT: Speech by Fed Chair Jerome Powell.

Tips for Traders

● This week, special focus should be on the FOMC minutes (Wednesday) and Fed Chair Powell’s speech (Friday). Both events may trigger high volatility in USD currency pairs.
● On Wednesday, the Reserve Bank of New Zealand will hold its meeting. Any surprise decisions on interest rates could lead to strong moves in NZD pairs.
● Thursday will be the most eventful day for news, particularly from the Eurozone and the USA. This could spark sharp market moves, so be extra careful when entering trades at this time.
● Also watch the inflation reports from the United Kingdom and the Eurozone, due on Wednesday. Any surprises compared to forecasts could trigger sharp moves in GBP and EUR pairs. Stay cautious when trading around key news releases and always keep risk management in mind.

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