The week of 24-30 November brings an exceptional concentration of significant economic data across five trading days. Central bank policy announcements, quarterly GDP figures, and inflation updates combine to form one of the year's most densely packed economic calendars.
Key releases include the Reserve Bank of New Zealand's rate decision and press conference, US Core PCE inflation data and Q3 Gross Domestic Product, China's manufacturing and services PMI figures, as well as Tokyo CPI from Japan.
These releases span multiple currencies—NZD, USD, EUR, CNY, and JPY—and cover themes of growth, inflation, and monetary policy. Traders will be monitoring these events for new information as the year draws towards its conclusion.
Tuesday, Nov 25th, 2025
Producer Price Index ex Food & Energy (YoY) (Sep)
Tue, Nov 25th, 2025 at 13:30 GMT
Currency: USD
The Producer Price Index ex Food & energy released by the Bureau of Labour statistics, Department of Labour measures the average changes in prices in primary markets of the US by producers of commodities in all states of processing. Those volatile products such as food and energy are excluded in order to capture an accurate calculation. A high reading could be seen as positive (or bullish) for the USD, whereas a low reading could be seen as negative (or bearish).
Retail Sales (MoM) (Sep)
Tue, Nov 25th, 2025 at 13:30 GMT
Currency: USD
The Retail Sales data, released monthly by the US Census Bureau, measures the value in total receipts of retail and food stores in the United States. Monthly percent changes reflect the rate of changes in such sales. A stratified random sampling method is used to select approximately 4,800 retail and food services firms whose sales are then weighted and benchmarked to represent the complete universe of over three million retail and food services firms across the country. The data is adjusted for seasonal variations as well as holiday and trading-day differences, but not for price changes. Retail Sales data is widely followed as an indicator of consumer spending, which is a major driver of the US economy. A high reading could be seen as bullish for the US Dollar (USD), while a low reading could be seen as bearish.
Retail Sales Control Group (Sep)
Tue, Nov 25th, 2025 at 13:30 GMT
Currency: USD
The so-called Retail Sales Control Group data, released by the US Census Bureau monthly, measures the value in total receipts of retail and food stores in the United States excluding receipts from auto dealers, building-materials retailers, gas stations, office supply stores, mobile home dealers and tobacco stores. The data is adjusted for seasonal variations as well as holiday and trading-day differences, but not for price changes. Retail sales data is widely followed as an indicator of consumer spending, which is a major driver of the US economy. The "control group" is a more precise measure of gauging consumer spending. A high reading could be seen as bullish for the US Dollar (USD), while a low reading could be seen as bearish.
Wednesday, Nov 26th, 2025
Consumer Price Index (YoY) (Oct)
Wed, Nov 26th, 2025 at 00:30 GMT
Currency: AUD
The Consumer Price Index (CPI), released monthly by the Australian Bureau of Statistics, measures the changes in the price of a comprehensive basket of goods and services acquired by household consumers. The indicator is the primary measure of headline inflation after a new methodology was applied to transition from quarterly to monthly readings, applying to data from April 2024 onwards. 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 Australian Dollar (AUD), while a low reading could be seen as bearish.
RBNZ Interest Rate Decision
Wed, Nov 26th, 2025 at 01:00 GMT
Currency: NZD
The Reserve Bank of New Zealand (RBNZ) announces its interest rate decision after each of its seven scheduled annual policy meetings. If the RBNZ is hawkish and sees inflationary pressures rising, it could raise the Official Cash Rate (OCR) to bring inflation down. This could be positive for the New Zealand Dollar (NZD) since higher interest rates may attract more capital inflows. Likewise, if it reaches the view that inflation is too low it could lower the OCR, which could tend to weaken NZD.
RBNZ Monetary Policy Review
Wed, Nov 26th, 2025 at 01:00 GMT
Currency: NZD
At each of the Reserve Bank of New Zealand (RBNZ) seven meetings, the RBNZ’s Monetary Policy Committee (MPC) publishes the Monetary Policy Review (MPR), which gives an interim update on the monetary policy outlook and settings. The review may influence the volatility of the New Zealand Dollar (NZD) and determine a short-term positive or negative trend. A hawkish view could be considered bullish for NZD, whereas a dovish view could be considered bearish.
RBNZ Press Conference
Wed, Nov 26th, 2025 at 02:00 GMT
Currency: NZD
Following the Reserve Bank of New Zealand's (RBNZ) monetary policy decision, the Governor gives a press conference explaining the rationale behind the decision. The comments may influence the volatility of the New Zealand Dollar (NZD) and could determine a short-term positive or negative trend.
Core Personal Consumption Expenditures - Price Index (MoM) (Oct)
Wed, Nov 26th, 2025
Currency: USD
The Core Personal Consumption Expenditures (PCE), released monthly by the US Bureau of Economic Analysis, measures the changes in the prices of goods and services purchased by consumers in the United States (US). The PCE Price Index is also the Federal Reserve’s (Fed) preferred gauge of inflation. The MoM figure compares the prices of goods in the reference month to the previous month. The core reading excludes the so-called more volatile food and energy components to give a more accurate measurement of price pressures. A high reading could be bullish for the US Dollar (USD), while a low reading could be bearish.
Core Personal Consumption Expenditures - Price Index (YoY) (Oct)
Wed, Nov 26th, 2025
Currency: USD
Core PCE is the Federal Reserve's go-to inflation measure. Released monthly by the US Bureau of Economic Analysis, it tracks the changes in the prices of goods and services purchased by consumers in the United States while excluding volatile food and energy costs to reveal true underlying inflation. The year-over-year figure compares prices to the same month one year earlier. A high reading could be bullish for the US Dollar (USD), while a low reading could be bearish.
Gross Domestic Product Annualized (Q3)
Wed, Nov 26th, 2025
Currency: USD
The real Gross Domestic Product (GDP) Annualised, released quarterly by the US Bureau of Economic Analysis, measures the value of the final goods and services produced in the United States in a given period of time. Changes in GDP are the most popular indicator of the nation’s overall economic health. The data is expressed at an annualised rate, which means that the rate has been adjusted to reflect the amount GDP would have changed over a year’s time, had it continued to grow at that specific rate. A high reading could be seen as bullish for the US Dollar (USD), while a low reading could be seen as bearish.
Retail Sales (QoQ) (Q3)
Wed, Nov 26th, 2025 at 21:45 GMT
Currency: NZD
The Retail Sales data, released quarterly by Statistics New Zealand, measures the volume of sales of goods by retailers in New Zealand. 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 QoQ reading comparing sales volumes in the reference quarter with the previous quarter. A high reading could be seen as bullish for the New Zealand Dollar (NZD), while a low reading could be seen as bearish.
Thursday, Nov 27th, 2025
Tokyo Consumer Price Index (YoY) (Nov)
Thru, Nov 27th, 2025 at 23:30 GMT
Currency: JPY
The Tokyo Consumer Price Index (CPI), released monthly by the Statistics Bureau of Japan, measures the price fluctuation of goods and services purchased by households in the Tokyo region. The index is widely considered as a leading indicator of Japan’s overall CPI as it is published weeks before the nationwide reading. 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 Japanese Yen (JPY), while a low reading could be seen as bearish.
Tokyo CPI ex Food, Energy (YoY) (Nov)
Thru, Nov 27th, 2025 at 23:30 GMT
Currency: JPY
Tokyo CPI is Japan's inflation bellwether, arriving weeks before the national data. Released monthly by the Statistics Bureau of Japan, it measures price changes for goods and services purchased by households in the Tokyo region. This version excluding food and energy reveals underlying inflation by removing volatile components. The year-over-year reading compares prices to the same month one year earlier. A high reading could be seen as bullish for the Japanese Yen (JPY), while a low reading could be seen as bearish.
Friday, Nov 28th, 2025
Retail Sales (YoY) (Oct)
Fri, Nov 28th, 2025 at 07:00 GMT
Currency: EUR
The Retail Sales released by the Statistisches Bundesamt Deutschland is a measure of changes in sales of the German retail sector. It shows the performance of the retail sector in the short term. Percent changes reflect the rate of changes of such sales. The changes are widely followed as an indicator of consumer spending. The positive economic growth could be positive for the EUR, while a low reading could be seen as negative, or bearish, for the EUR.
Gross Domestic Product (QoQ) (Q3)
Fri, Nov 28th, 2025 at 08:00 GMT
Currency: CHF
The Gross Domestic Product (GDP), released quarterly by the State Secretariat for Economic Affairs (SECO), is a measure of the total value of all goods and services produced in Switzerland during a given period. The GDP is considered as the main measure of Swiss 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 Swiss Franc (CHF), while a low reading could be seen as bearish.
Consumer Price Index (MoM) (Nov)
Fri, Nov 28th, 2025 at 13:00 GMT
Currency: EUR
The Consumer Price Index (CPI), released monthly by the German statistics office Destatis, measures the average price change for all goods and services purchased by households for consumption purposes. The CPI is the main indicator to measure inflation and changes in purchasing trends. The MoM figure compares the prices of goods in the reference month to the previous month. A high reading could be bullish for the Euro (EUR), while a low reading could be bearish.
Consumer Price Index (YoY) (Nov)
Fri, Nov 28th, 2025 at 13:00 GMT
Currency: EUR
Germany's CPI measures average price changes across all goods and services purchased by households. Released monthly by Destatis, it's the primary inflation gauge and tracks shifts in consumer purchasing behaviour. The year-over-year reading compares prices to the same month one year earlier. A high reading could be bullish for the Euro (EUR), while a low reading could be bearish.
Harmonised Index of Consumer Prices (YoY) (Nov)
Fri, Nov 28th, 2025 at 13:00 GMT
Currency: EUR
The Harmonised Index of Consumer Prices (HICP), released monthly by the German statistics office Destatis, is an index of inflation based on a statistical methodology that has been harmonised across all European Union (EU) member states to facilitate comparisons. The YoY reading compares prices in the reference month to a year earlier. A high reading could be bullish for the Euro (EUR), while a low reading could be bearish.
Gross Domestic Product Annualised (Q3)
Fri, Nov 28th, 2025 at 13:30 GMT
Currency: CAD
The Gross Domestic Product (GDP), released monthly and quarterly by Statistics Canada, is a measure of the total value of all goods and services produced in Canada during a given period. The GDP is considered as the main measure of Canada’s economic activity. The data is expressed at an annualised rate, which means that the rate has been adjusted to reflect the amount GDP would have changed over a year’s time, had it continued to grow at that specific rate. A high reading could be seen as bullish for the Canadian Dollar (CAD), while a low reading could be seen as bearish.
Sunday, Nov 30th, 2025
NBS Manufacturing PMI (Nov)
Sun, Nov 30th, 2025 at 01:30 GMT
Currency: CNY
China’s NBS Manufacturing PMI, published by the NBS and the China Federation of Logistics & Purchasing, measures factory activity through monthly 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 a bullish sign for the Renminbi (CNY). Meanwhile, a reading below 50 could signal that activity among goods producers is declining, which could be seen as bearish for CNY.
NBS Non-Manufacturing PMI (Nov)
Sun, Nov 30th, 2025 at 01:30 GMT
Currency: CNY
China’s NBS Non-manufacturing PMI, published by the NBS and CFLP, measures business activity in the services and construction sectors through monthly executive surveys. It is a key gauge of economic trends, with readings above or below 50 indicating expansion or contraction. A reading above 50 could indicates that the non-manufacturing economy is expanding, which could be a bullish sign for the Renminbi (CNY). Meanwhile, a reading below 50 could signal that activity among service providers and real-estate is declining, which could be seen as bearish for CNY.
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.
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