Key Market Events to Watch: 20–26 October 2025

The week of 20–26 October 2025 will feature several significant economic data releases, including the China GDP, the UK Retail Sales, and the USA CPI, all of which hold the potential to influence global market sentiment.  

For traders, staying informed ahead of these key events is crucial for better risk management and identifying potential trading opportunities. 

Monday, October 20th 2025  

Gross Domestic Product (QoQ) (Q3) 

Mon, Oct 20th, 2025 at 02:00 GMT 

Currency: CNY 

The Gross Domestic Product (GDP), released quarterly by the National Bureau of Statistics of China, is a measure of the total value of all goods and services produced in China during a given period. The GDP is considered as the main measure of China’s economic activity. The QoQ reading compares economic activity in the reference quarter to the previous quarter. A high reading could be seen as bullish for the Renminbi (CNY), while a low reading could be seen as bearish.  

Gross Domestic Product (YoY) (Q3) 

Mon, Oct 20th, 2025 at 02:00 GMT 

Currency: CNY 

China’s monthly GDP report, published by the National Bureau of Statistics, measures the total value of goods and services produced and is the main indicator of economic performance. The year-on-year figure compares output with the same quarter of the previous year. A rise in this indicator could be seen as bullish for the Renminbi (CNY), while a low reading could be seen as bearish. 

Industrial Production (YoY) (Sep) 

Mon, Oct 20th, 2025 at 02:00 GMT 

Currency: CNY 

Industrial output is released by the National Bureau of Statistics of China. It shows the volume of production of Chinese Industries such as factories and manufacturing facilities. A surge in output could be seen as inflationary which could prompt the People’s Bank of China to tighten monetary policy and fiscal policy risk. If high industrial production growth comes out, this could generate a positive sentiment (or bullish) for the CNY, whereas a low reading could be seen as negative (or Bearish) for the CNY.  

Retail Sales (YoY) (Sep) 

Mon, Oct 20th, 2025 at 02:00 GMT 

Currency: CNY 

China’s monthly Retail Sales data, released by the National Bureau of Statistics, tracks the value of goods sold by retailers and serves as a key indicator of consumer spending. Year-on-year changes show how sales compare with the same month a year earlier. A high reading could be seen as bullish for the Renminbi (CNY), while a low reading could be seen as bearish. 

Tuesday, October 21th 2025 

BoC Consumer Price Index Core (YoY) (Sep) 

Tue, Oct 21st, 2025 at 12:30 GMT 

Currency: CAD 

The BoC Consumer Price Index Core, released monthly by the Bank of Canada (BoC), represents changes in prices for Canadian consumers by comparing the cost of a fixed basket of goods and services. It is considered a measure of underlying inflation as it excludes eight of the most-volatile components: fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation and tobacco products. The YoY reading compares prices in the reference month to the same month a year earlier. A high reading could be seen as bullish for the Canadian Dollar (CAD), while a low reading could be seen as bearish. 

Consumer Price Index (YoY) (Sep) 

Tue, Oct 21st, 2025 at 12:30 GMT 

Currency: CAD 

The Consumer Price Index (CPI), released monthly by Statistics Canada, represents changes in prices for Canadian consumers by comparing the cost of a fixed basket of goods and services. The YoY reading compares prices in the reference month to the same month a year earlier. A high reading could be seen as bullish for the Canadian Dollar (CAD), while a low reading could be seen as bearish. 

Wednesday, October 22th 2025 

Consumer Price Index (MoM) (Sep) 

Wed, Oct 22nd, 2025 at 06:00 GMT 

Currency: GBP 

The United Kingdom (UK) Consumer Price Index (CPI), released monthly by the Office for National Statistics, is a measure of consumer price inflation – the rate at which the prices of goods and services bought by households rise or fall – produced to international standards. It is also the inflation measure used in the government’s target. The MoM figure compares the prices of goods in the reference month to the previous month. A high reading could be seen as bullish for the Pound Sterling (GBP), while a low reading could be seen as bearish. 

Consumer Price Index (YoY) (Sep) 

Wed, Oct 22nd, 2025 at 06:00 GMT 

Currency: GBP 

The United Kingdom (UK) Consumer Price Index (CPI), published monthly by the Office for National Statistics, measures the rate of inflation — tracking how the prices of goods and services purchased by households rise or fall over time. Compiled to international standards, it serves as the government’s official inflation benchmark. The year-over-year (YoY) reading compares prices in the reference month with those from the same month a year earlier. A higher CPI reading could be viewed as supportive for the Pound Sterling (GBP), while a lower figure may be seen as negative for the currency. 

Core Consumer Price Index (YoY) (Sep) 

Wed, Oct 22nd, 2025 at 06:00 GMT 

Currency: GBP 

The United Kingdom (UK) Core Consumer Price Index (CPI), published monthly by the Office for National Statistics, measures underlying consumer price inflation — the rate at which the prices of goods and services purchased by households change over time. The year-over-year (YoY) figure compares prices in the reference month with those from the same month a year earlier. Core CPI excludes the more volatile components of food, energy, alcohol, and tobacco, offering a clearer view of long-term inflation trends. A higher reading could be seen as supportive for the Pound Sterling (GBP), while a lower reading may weigh on it. 

Friday, October 24th 2025  

Retail Sales (MoM) (Sep) 

Fri, Oct 24th, 2025 at 06:00 GMT 

Currency: GBP 

The Retail Sales data, released monthly by the Office for National Statistics, measures the volume of sales of goods by retailers in Great Britain directly to end customers. Changes in Retail Sales are widely followed as an indicator of consumer spending. Percent changes reflect the rate of changes in such sales, with the MoM reading comparing sales volumes in the reference month with the previous month. A high reading could be seen as bullish for the Pound Sterling (GBP), while a low reading could be seen as bearish. 

HCOB Composite PMI (Oct) 

Fri, Oct 24th, 2025 at 07:30 GMT 

Currency: EUR 

Germany’s monthly Composite PMI, compiled by S&P Global and HCOB, measures business activity across manufacturing and services. Based on executive surveys, it anticipates economic trends, with readings above or below 50 indicating expansion or contraction. A reading above 50 could indicate that the German private economy is expanding, which could be seen as a bullish sign for the Euro (EUR). Meanwhile, a reading below 50 could signal that activity is declining, which could be seen as bearish for EUR.  

HCOB Manufacturing PMI 

Fri, Oct 24th, 2025 at 07:30 GMT 

Currency: EUR 

Germany’s monthly Manufacturing PMI, compiled by S&P Global and HCOB, surveys industry executives to gauge business activity. A key indicator of economic trends across Europe, the index ranges from 0 to 100, with 50 marking no change from the previous month.. A reading above 50 could indicate that the manufacturing economy is expanding, which could be seen as a bullish sign for the Euro (EUR). Meanwhile, a reading below 50 could signal that activity among goods producers generally declining, which could be seen as bearish for EUR. 

HCOB Services PMI (Oct) 

Fri, Oct 24th, 2025 at 07:30 GMT 

Currency: EUR 

Germany’s monthly Services PMI, compiled by S&P Global and HCOB, tracks business activity in the services sector through executive surveys. It signals economic trends, with readings above or below 50 indicating growth or contraction. A reading above 50 could indicate that the services economy is expanding, which could be seen as a bullish sign for the Euro (EUR). Meanwhile, a reading below 50 could signal that activity among service providers is declining, which could be seen as bearish for EUR. 

HCOB Composite PMI 

Fri, Oct 24th, 2025 at 08:00 GMT 

Currency: EUR 

The Eurozone’s monthly Composite PMI, compiled by S&P Global and HCOB, measures overall business activity across manufacturing and services. Based on executive surveys, it anticipates economic trends, with readings above or below 50 indicating expansion or contraction. A reading above 50 could indicate that the private economy is expanding, which could be seen as a bullish sign for the Euro (EUR). Meanwhile, a reading below 50 could signal that activity is declining, which could be seen as bearish for EUR. 

HCOB Manufacturing PMI (Oct) 

Fri, Oct 24th, 2025 at 08:00 GMT 

Currency: EUR 

The Eurozone’s monthly Manufacturing PMI, compiled by S&P Global and HCOB, tracks factory activity based on executive surveys. It is a key early indicator of economic trends, with readings above or below 50 showing expansion or contraction. A reading above 50 could indicate that the manufacturing economy is expanding, which could be seen as a bullish sign for the Euro (EUR). Meanwhile, a reading below 50 could signal that activity among goods producers is declining, which is seen as bearish for EUR. 

HCOB Services PMI (Oct) 

Fri, Oct 24th, 2025 at 08:00 GMT 

Currency: EUR 

The Eurozone’s monthly Services PMI, compiled by S&P Global and HCOB, measures business activity in the services sector — a major driver of the region’s economy. Based on executive surveys, it signals economic trends, with 50 marking no change from the previous month. Values above 50 suggest expansion in the services sector which could be seen as supportive for the Euro (EUR), while readings below 50 point suggest contraction, which may be seen as negative for the EUR. 

S&P Global Composite PMI (Oct) 

Fri, Oct 24th, 2025 at 08:30 GMT 

Currency: GBP 

The UK’s monthly Composite PMI, compiled by S&P Global, tracks business activity across manufacturing and services. Based on executive surveys, it signals economic trends, with readings above or below 50 indicating expansion or contraction.  A reading above 50 could indicate that the UK private economy is expanding, which could be seen as a bullish sign for the Pound Sterling (GBP). Meanwhile, a reading below 50 could signal that activity is declining, which could be seen as bearish for GBP. 

S&P Global Manufacturing PMI (Oct) 

Fri, Oct 24th, 2025 at 08:30 GMT 

Currency: GBP 

The UK’s monthly Manufacturing PMI, compiled by S&P Global, tracks factory activity through executive surveys. It is a key early indicator of economic trends, with readings above or below 50 signalling expansion or contraction. A reading above 50 could indicate that the manufacturing economy is expanding, which could be seen as a bullish sign for the Pound Sterling (GBP). Meanwhile, a reading below 50 could signal that activity among goods producers is declining, which could be seen as bearish for GBP. 

S&P Global Services PMI (Oct) 

Fri, Oct 24th, 2025 at 08:30 GMT 

Currency: GBP 

The Services Purchasing Managers Index (PMI), released monthly by S&P Global, is a leading indicator gauging business activity in the UK’s services sector. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), employment and inflation. The index varies between 0 and 100, with levels of 50.0 signalling no change over the previous month. A reading above 50 could indicate that the services economy is expanding, which could be seen as bullish sign for the Pound Sterling (GBP). Meanwhile, a reading below 50 could signal that activity among service providers is declining, which could be seen as bearish for GBP. 

Consumer Price Index (MoM) (Sep) 

Fri, Oct 24th, 2025 at 12:30 GMT 

Currency: USD 

Inflationary or deflationary tendencies are measured by periodically summing the prices of a basket of representative goods and services and presenting the data as the Consumer Price Index (CPI). CPI data is compiled monthly and released by the US Department of Labor Statistics. The MoM figure compares the prices of goods in the reference month to the previous month. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading could be seen as bullish for the US Dollar (USD), while a low reading could be seen as bearish. 

Consumer Price Index (YoY) (Sep) 

Fri, Oct 24th, 2025 at 12:30 GMT 

Currency: USD 

Inflationary or deflationary trends are tracked through the Consumer Price Index (CPI), which measures changes in the cost of a representative basket of goods and services. Compiled monthly and released by the US Bureau of Labor Statistics, the CPI provides a key gauge of inflation and shifts in consumer purchasing power. The year-over-year (YoY) figure compares current prices to those from the same month a year earlier. A higher CPI reading could supports the US Dollar (USD), while a lower reading may weigh on it. 

Consumer Price Index ex Food & Energy (MoM) (Sep) 

Fri, Oct 24th, 2025 at 12:30 GMT 

Currency: USD 

Inflationary or deflationary tendencies are measured by periodically summing the prices of a basket of representative goods and services and presenting the data as the Consumer Price Index (CPI). CPI data is compiled monthly and released by the US Department of Labor Statistics. The MoM print compares the prices of goods in the reference month to the previous month. The CPI Ex Food & Energy excludes the so-called more volatile food and energy components to give a more accurate measurement of price pressures. A high reading could be seen as bullish for the US Dollar (USD), while a low reading could be seen as bearish. 

Consumer Price Index ex Food & Energy (YoY) (Sep) 

Fri, Oct 24th, 2025 at 12:30 GMT 

Currency: USD 

Inflationary and deflationary trends are tracked through the Consumer Price Index (CPI), which measures changes in the cost of a representative basket of goods and services. Compiled monthly and published by the US Bureau of Labor Statistics, the CPI serves as a key indicator of inflation and shifts in consumer purchasing power. The year-over-year (YoY) figure compares prices in the current month to those from the same month a year earlier. The CPI Ex Food & Energy excludes the more volatile food and energy components to provide a clearer view of underlying price pressures. A higher CPI reading could supports the US Dollar (USD), while a lower reading may weigh on it. 

S&P Global Manufacturing PMI (Oct) 

Fri, Oct 24th, 2025 at 13:45 GMT 

Currency: USD 

The S&P Global Manufacturing Purchasing Managers Index (PMI), released monthly, is a leading indicator gauging business activity in the US manufacturing sector. The data is derived from surveys of senior executives at private-sector companies from the manufacturing sector. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. A reading above 50 could indicate that the manufacturing economy is expanding, which could be seen as a bullish sign for the US Dollar (USD). Meanwhile, a reading below 50 could signal that activity in the manufacturing sector is declining, which could be seen as bearish for USD. 

S&P Global Services PMI (Oct) 

Fri, Oct 24th, 2025 at 13:45 GMT 

Currency: USD 

The US monthly Services PMI, compiled by S&P Global, tracks business activity in the services sector, a major part of the economy. Based on executive surveys, it signals economic trends such as GDP, employment, and inflation. A reading above 50 could indicate that the services economy is expanding, which could be seen as a bullish sign for the US Dollar (USD). Meanwhile, a reading below 50 could signal that activity among service providers is declining, which could be seen as bearish for USD. 

Staying on top of these key events and understanding their potential impact can help you anticipate market volatility and make more confident trading decisions. 
For a full list of what’s ahead, check out our market calendar and stay prepared for the week’s opportunities.