Forex Economic Calendar Overview: Key Events for the Next Trading Week (08.09.2025–14.09.2025)
Volatility continues to stir up the markets as investors try to get a clearer picture of the Fed’s monetary policy outlook. Next week, the Fed is scheduled to hold its meeting, and market participants are sure that the central bank will cut interest rates.
In the upcoming week of September 8–14, 2025, the release of fresh US inflation data will provide new arguments for both supporters and opponents of a Fed rate cut.
Besides, market players will focus on the release of crucial macroeconomic statistics from China, Germany, and the US, as well as the results of the ECB meeting.
Investors will be closely watching the release of August US labor market data on Friday.
Note: During the coming week, new events may be added to the calendar, and/or some scheduled events may be canceled. GMT time
The article covers the following subjects:
Major Takeaways
- Monday: no important macroeconomic statistics are scheduled.
- Tuesday: no important macroeconomic statistics are scheduled.
- Wednesday: Chinese CPIs, US PPIs.
- Thursday: European Central Bank’s interest rate decision, US CPIs.
- Friday: final German HICP indices, preliminary University of Michigan Consumer Sentiment Index.
- Key event of the week: US Consumer Price Index release.
Monday, September 8
There are no important macroeconomic statistics scheduled to be released.
Tuesday, September 9
There are no important macroeconomic statistics scheduled to be released.
Wednesday, September 10
01:30 – CNY: Chinese Consumer Price Index (CPI)
The National Bureau of Statistics of China will release its fresh monthly data on consumer prices. The growth of consumer prices may trigger the acceleration of inflation, prompting the People’s Bank of China to implement a tighter fiscal policy. Higher consumer inflation may cause yuan appreciation, while a low result may exert pressure on the currency.
Since China is the world’s second-largest economy, the publication of its significant macroeconomic data has a notable impact on the global financial markets. This influence extends particularly to the yuan, other Asian currencies, the US dollar, and commodity currencies. Moreover, China serves as the largest buyer of commodities and supplier of a wide range of finished goods to the global commodity market.
In July 2025, the consumer inflation index value stood at +0.4% (0% YoY) after +0.1% (+0.1% YoY) in June, -0.2% (-0.1% YoY) in May, +0.1% (-0.1% YoY) in April, -0.2% (-0.7% YoY) in February, +0.7% (+0.5% YoY) in January 2025, -0.6% (+0.2% YoY) in November 2024, -0.3% (+0.3% YoY) in October, 0% (+0.4% YoY) in September, +0.5% (+0.5% YoY) in July 2024, -0.2% (+0.2% YoY) in June, -0.1% (+0.3% YoY) in May, +0.1% (+0.3% YoY) in April, +0.1% (-2.7% YoY) in December 2023, -0.5% (-0.5% YoY) in November, +0.2% (0% YoY) in September, +0.3% (+0.1% YoY) in July, -0.2% (0% YoY) in June, -0.2% (0% YoY) in May, -0.2% (+0.2% YoY).
The increase in the consumer inflation index will positively affect the renminbi quotes, as well as commodity currencies. Conversely, if the data is worse than forecasted and there is a relative decline in the CPI, it may adversely affect the currencies, particularly the Australian dollar, given that China is Australia’s largest trade and economic partner.
12:30 – USD: Producer Price Index (PPI
The Producer Price Index (PPI) measures the average change in wholesale prices determined by manufacturers at all stages of production. The index is one of the leading inflation indicators in the United States, estimating the average change in wholesale producer prices.
Rising production costs increase wholesale selling prices, which ultimately boosts inflation. In normal economic conditions, growing inflation usually puts upward pressure on the national currency quotes, implying a tighter central bank monetary policy.
Previous values: +0.9% (+3.3% YoY), 0% (+2.3% YoY), +0.1% (+3.0% YoY), -0.5% (+2.4% YoY), -0.4% (+2.7% YoY), 0% (+3.2% YoY), +0,4% (+3,5% YoY) in January 2025,+0.2% (+3.3% YoY) in December, +0.4% (+3.0% YoY) in November, +0.2% (+2.4% YoY) in October, 0% (+1.8% YoY) in September, +0.2% (+1.7% YoY) in August, +0.1% (+2.2% YoY) in July, +0.2% (+2.6% YoY) in June, -0.2% (+2.2% YoY) in May, +0.5% (+2.2% YoY) in April, +0.2% (+1,6% YoY) in March, +0.6% (+1.6% YoY) in February, +0.3% (+0.9% YoY) in January 2024, 0% (+0.9% YoY) in December 2023, -0.5% (+1.3% YoY), +0.5% (+2.2% YoY), +0.7% (+1.6% YoY), +0.3% (+0.8% YoY), +0.1% (+0.2% YoY), -0.3% (+0,9% YoY), +0.2% (+2.3% YoY), -0.5% (+2.7% YoY), -0.1% (+4.9% YoY), +0.7% (+5.7% YoY) in January 2023.
If the data exceeds the forecasted value, the US dollar will likely strengthen. Conversely, if the data falls below forecasted and previous values, this will exert pressure on the Fed. This could lead to the Fed’s monetary policy easing, which will negatively impact the US dollar.
Thursday, September 11
12:15 – EUR: European Central Bank’s Interest Rate Decision. ECB Monetary Policy Statement
The European Central Bank will publish its decision on the main refinancing operations and the deposit facility rates, which currently stand at 2.15% and 2.00%, respectively.
The ECB’s tight stance on inflation and the level of key interest rates favor the euro, while a softer stance and lower rates weaken it. Given the high inflation in the Eurozone, according to the ECB leadership, the risk balance for the eurozone’s economic outlook remains negative.
At the same time, the ECB made it clear that if deflation resumes, rates will be lowered again. The bank warns that GDP growth may slow due to several challenges, including the EU’s energy crisis, heightened economic uncertainties, a global economic slowdown, and tightening financial conditions. Additionally, President Trump’s tariffs complicate an already delicate economic situation, raising the US average tariff rate to the highest levels since 1910. For the Eurozone, already facing weakening industrial production and the services sector, these tariffs are a significant concern. Analysts indicate that all European exporters will feel the strain, particularly the automobile industry. Given the high risk of recession in the Eurozone, the ECB may cut its rate to below 2.0% and resume quantitative easing. However, a pause cannot be ruled out.
A dovish tone in the statements will negatively impact the euro. Conversely, a hawkish tone regarding the central bank’s monetary policy will bolster the euro.
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: +2.7%, +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%, +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.
12:45 – EUR: European Central Bank’s Press Conference
This press conference will draw significant attention from market participants. Volatility may increase not only in euro quotes but also across the entire financial market if the ECB leaders make unexpected statements. ECB executives will evaluate the current economic situation in the Eurozone and provide insights on the bank’s rate decision. Historically, after some ECB meetings and subsequent press conferences, the euro exchange rate experienced fluctuations of 3%–5% in a short time frame.
A dovish tone in the speech will negatively impact the euro. Conversely, a hawkish tone regarding the central bank’s monetary policy will bolster the euro.
Friday, September 12
06:00 – EUR: German Harmonized Index of Consumer Prices (Final Estimate)
The Harmonized Index of Consumer Prices (HICP) is published by the European Statistics and is calculated using a methodology agreed upon by all EU countries. The HICP is an indicator for measuring inflation and is used by the European Central Bank to assess price stability. A positive index result strengthens the euro, while a negative one weakens it.
Previous values YoY: +1.8%, +2.0%, +2.1%, +2.2%, +2.3%, +2.6%, +2.8% in January 2025, +2.6%, +2.8% in December 2024, +2.4%, +2.4%, +1.8%, +2.0%, +2.6%, +2.5%, +2.8%, +2.4%, +2.3%, +2.7%, +3.1% in January 2024, +3.8% in December, +2.3% in November, +3.0% in October, +4.3% in September, +6.4% in August, +6.5% in July, +6.8% in June, +6.3% in May, +7.6% in April, +7.8% in March, +9.3% in February, +9,2% in January, +9.6% in December, +11.3% in November, +11.6% in October, +10.9% in September, +8.8% in August, +8.5% in July, +8.2% in June, +8.7% in May, +7.8% in April, +7.6% in March, +5.5% in February, +5.1% in January 2022.
The data indicate a slower pace of inflation in Germany, which in turn is forcing the ECB to ease its monetary policy, especially given the risks of recession in the Eurozone.
Figures lower than the previous reading will likely affect the euro negatively. Conversely, the resumption of inflation growth may provoke the appreciation of the euro.
If the August data turns out to be better than previous values, the euro may strengthen in the short term.
The preliminary estimate stood at +2.1%.
14:00 – USD: University of Michigan Consumer Sentiment Index (Preliminary Release)
This indicator reflects American consumers’ confidence in the country’s economic development. A high reading indicates economic growth, while a low one points to stagnation. Previous indicator values: 58.2 in August, 61.7 in July, 60.7 in June, 52.2 in May and April, 57.0 in March, 64.7 in Fabruary, 71.1 in January, 74.0 in December, 71.8 in November, 70.5 in October, 70.1 in September, 67.9 in August, 66.4 in July, 68.2 in June, 69.1 in May, 77.2 in April, 79.4 in March, 76.9 in February, 79.0 in January 2024, 69.7 in December 2023, 61.3 in November, 63.8 in October, 68.1 in September, 69.5 in August, 71.6 in July, 64.4 in June, 59.2 in May, 63,5 in April, 62.0 in March, 67.0 in February, 64.9 in January 2023, 59.7 in December, 56.8 in November, 59.9 in October, 58.6 in September, 58.2 in August, 51.5 in July, 50.0 in June, 58.4 in May, 65.2 in April, 59.4 in March, 62.8 in February, 67.2 in January 2022. An increase in the indicator will strengthen the US dollar, while a decrease will weaken the currency. The data shows that the recovery of this indicator is uneven, which is unfavorable for the greenback. A decline below previous values will likely negatively impact the US dollar in the near term.
Price chart of EURUSD in real time mode
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