Economic calendar

00:00 EUR Bundesbank President Nagel SpeaksGerman Buba President Nagel Speaks

What it is: Joachim Nagel, president of Germany's central bank (the Bundesbank), speaks publicly. He is also a member of the ECB Governing Council, which sets interest rate policy for the eurozone.
Why it matters: Traders listen for hints about the future direction of ECB interest rates. The importance depends on what is said, and it is often greater when an ECB meeting is near.
Usual market reaction: Hawkish comments, such as worry about inflation or support for keeping rates high, tend to support the euro. Dovish comments, such as openness to rate cuts, tend to weigh on it. Markets often care more about a change in tone than about repeated views.

01:00 EUR Bundesbank President Nagel SpeaksGerman Buba President Nagel Speaks

What it is: Joachim Nagel, president of Germany's central bank (the Bundesbank), speaks publicly. He is also a member of the ECB Governing Council, which sets interest rate policy for the eurozone.
Why it matters: Traders listen for hints about the future direction of ECB interest rates. The importance depends on what is said, and it is often greater when an ECB meeting is near.
Usual market reaction: Hawkish comments, such as worry about inflation or support for keeping rates high, tend to support the euro. Dovish comments, such as openness to rate cuts, tend to weigh on it. Markets often care more about a change in tone than about repeated views.

04:30 USD API Weekly Statistical Bulletin (US crude oil stocks)API Weekly Statistical Bulletin

What it is: A weekly report from the American Petroleum Institute (API) showing changes in US stocks of crude oil, gasoline and distillates. It usually comes out after the market close on Tuesday.
Why it matters: Traders see it as an early hint before the official EIA report that follows. Its importance for the USD is usually low to moderate, but the oil market pays fairly close attention.
Usual market reaction: Markets react to the actual figure compared with the forecast. A bigger-than-expected fall in stocks is often read as strong demand or tight supply and tends to support oil prices, while a bigger-than-expected build tends to weigh on oil. The effect on the USD and gold is usually limited, but oil-linked currencies such as the CAD may move with oil prices.

07:30 AUD Australia Household Spending m/mHousehold Spending m/m Forecast 0.2%Previous 0.0%

What it is: This measures the monthly change in consumer spending by Australian households. It is published by the Australian Bureau of Statistics (ABS).
Why it matters: Household consumption is a large part of the Australian economy, so the data gives clues about economic strength and inflation pressure, which feed into RBA interest rate decisions. It is usually a medium-impact release.
Usual market reaction: Markets compare the actual figure with the forecast. Spending that is higher than forecast usually supports the Australian dollar (AUD), as it suggests a stronger economy and may make RBA rate cuts less likely. A lower-than-forecast result tends to weigh on AUD. The link to gold is usually not clear-cut.

15:00 EUR Spanish Unemployment Change Forecast 18.7KPrevious 23.6K

What it is: This shows the monthly change in the number of registered unemployed people in Spain. It is published by Spain's Ministry of Labour.
Why it matters: It reflects the health of the Spanish labour market, one of the larger economies in the eurozone. However, it usually has only a small impact on markets.
Usual market reaction: Markets compare the actual figure with the forecast. This data works in reverse to most releases: a fall in unemployment bigger than forecast tends to give the euro (EUR) slight support, while a rise or a smaller fall than forecast may weigh slightly on it. Traders usually give more weight to eurozone-wide data.

15:15 EUR Spanish Services PMI Forecast 57.6Previous 58.3

What it is: This is a survey-based index of activity in Spain's services sector, compiled by S&P Global with HCOB.
Why it matters: A reading above 50 indicates the services sector is expanding, and below 50 indicates contraction. Services make up most of Spain's economy, so it is an early signal of economic direction. It is usually a low-to-medium impact release.
Usual market reaction: Markets compare the actual figure with the forecast. A PMI higher than forecast tends to give the euro (EUR) slight support, while a lower reading may weigh on it slightly. The impact is often limited because traders usually pay more attention to the eurozone-wide PMI.

15:45 EUR Italian Services PMI Forecast 51.4Previous 51.7

What it is: A survey of purchasing managers at Italian service companies, compiled by S&P Global and published under the HCOB brand. A reading above 50 signals the services sector is expanding, and below 50 signals it is contracting.
Why it matters: Services make up most of Italy's economy, and PMIs often come out earlier than official data, so traders use them to gauge the eurozone's direction. Its importance is usually moderate, and often smaller than the German or eurozone-wide PMIs.
Usual market reaction: Prices react to the actual figure compared with the forecast. A higher-than-forecast result usually supports the euro (EUR) because it points to a stronger economy, while a lower one tends to weigh on it. Moves from Italian data are often modest unless the figure is far from expectations.

15:50 EUR French Final Services PMI Forecast 48.4Previous 48.4

What it is: A survey of purchasing managers at French service companies, compiled by S&P Global under the HCOB brand. The final reading is a revision of the earlier flash estimate. A reading above 50 signals expansion.
Why it matters: France is one of the eurozone's largest economies and services make up a big share of it, so traders follow this to gauge economic health. Its importance is usually moderate because the market has often seen the flash figure already.
Usual market reaction: Prices react to the actual figure compared with the forecast, which is usually close to the flash reading. A higher-than-forecast result usually supports the euro (EUR), while a lower one tends to weigh on it. Moves are often larger when the final figure is clearly revised from the flash estimate.

15:55 EUR German Final Services PMI Forecast 51.7Previous 51.7

What it is: A survey of purchasing managers at German service companies, compiled by S&P Global under the HCOB brand. The final reading is a revision of the earlier flash estimate. A reading above 50 signals the services sector is expanding.
Why it matters: Germany is the eurozone's largest economy, so this data influences the view of the whole bloc and expectations for ECB policy. Its importance is usually moderate to fairly high.
Usual market reaction: Prices react to the actual figure compared with the forecast. A higher-than-forecast result usually supports the euro (EUR) because it suggests a stronger economy, and it may lead traders to think the ECB is in less of a hurry to cut rates. A lower result tends to weigh on the euro. Because final figures are often close to the flash, reactions are usually muted unless there is a big revision.

16:00 EUR Eurozone Final Services PMIFinal Services PMI Forecast 51.7Previous 51.7

What it is: A survey of purchasing managers at service companies across the eurozone, compiled by S&P Global under the HCOB brand. The final reading is a revision of the earlier flash estimate. A reading above 50 signals expansion.
Why it matters: It is a fairly early gauge of the eurozone's overall economic health that the ECB and investors pay attention to. Its importance is usually moderate to fairly high.
Usual market reaction: Prices react to the actual figure compared with the forecast. A higher-than-forecast result usually supports the euro (EUR) and may influence views on ECB interest rates, while a lower one tends to weigh on it. Because final figures are often close to the flash estimate, markets tend to move more when there is a clear revision. Pairs such as EUR/USD are often affected directly.

17:00 EUR Eurozone Core CPI Flash Estimate (y/y)Core CPI Flash Estimate y/y Forecast 2.5%Previous 2.5%

What it is: This is the first, early estimate of core inflation in the eurozone, which leaves out volatile food and energy prices. It is published by Eurostat and compares prices with the same period a year earlier.
Why it matters: The European Central Bank (ECB) pays close attention to core inflation when setting interest rates, so traders watch it closely. It is usually considered a high-importance release.
Usual market reaction: Prices tend to react to the actual figure compared with the forecast. A higher-than-forecast reading often suggests the ECB may keep rates high for longer, which usually supports the euro, while a lower-than-forecast reading often weighs on it. Moves in the euro can also show up in pairs such as EUR/USD.

17:00 EUR Eurozone CPI Flash Estimate y/yCPI Flash Estimate y/y Forecast 4.0%Previous 3.8%

What it is: This is the early estimate of the Eurozone Consumer Price Index (CPI) compared with a year earlier, released before the final figure. It is published by Eurostat, the European Union's statistics office.
Why it matters: Inflation is a main factor in the European Central Bank's (ECB) interest-rate decisions, and the flash estimate is the earliest reading, so it usually draws strong attention and is of high importance for the euro.
Usual market reaction: Prices tend to react to the actual figure compared with the forecast. Higher-than-forecast inflation may suggest the ECB keeps rates high for longer, which often supports the euro (EUR), while a lower reading usually weighs on it by raising the chance of easier policy. Moves may show up in EUR pairs and sometimes in European stock indices.

20:15 USD ADP Non-Farm Employment Change Forecast 67KPrevious 90K

What it is: A report on the monthly change in US private-sector jobs (excluding farms), published by the payroll company ADP based on its client payroll data.
Why it matters: It usually comes out before the official NFP report, so traders use it as a hint about the US labor market. Its record at predicting NFP is mixed, so its importance is usually moderate.
Usual market reaction: Prices react to the actual figure compared with the forecast. A higher-than-forecast result usually supports the US dollar (USD) because it suggests a stronger economy, while a lower one tends to weigh on it. Gold often moves opposite to the dollar, so it may soften when the dollar firms and rise when the dollar weakens.

20:30 USD US Trade BalanceTrade Balance Forecast -107.9BPrevious -105.6B

What it is: The difference between the value of US exports and imports of goods and services, published by the US Census Bureau and the Bureau of Economic Analysis (BEA).
Why it matters: It shows foreign demand for US products and the demand for dollars needed to pay for them. Its impact is usually modest compared with key releases such as CPI or NFP.
Usual market reaction: Prices react to the actual figure compared with the forecast. A smaller-than-forecast deficit (a better number) usually supports the US dollar (USD), while a larger deficit tends to weigh on it. The effect on gold is often small, and gold generally moves opposite to the dollar.

21:45 USD US Final Services PMIFinal Services PMI Forecast 57.9Previous 57.9

What it is: A survey-based index of activity in the US services sector, compiled by S&P Global from responses by purchasing managers. The final reading revises the earlier flash estimate, and a value above 50 usually signals expansion.
Why it matters: Services make up most of the US economy, so traders use this to gauge economic momentum. The final figure is often close to the flash estimate, so its impact is usually moderate.
Usual market reaction: Markets react to the actual figure compared with the forecast. A higher-than-forecast result tends to support the US dollar, as it suggests a stronger economy and possibly rates staying higher for longer, while a lower result often weighs on it. Gold often moves in the opposite direction to the dollar, though other factors matter too.

22:00 USD ISM Services PMI (US)ISM Services PMI Forecast 54.8Previous 54.9

What it is: This is a survey of purchasing managers in the US services sector, produced by the Institute for Supply Management (ISM). A reading above 50 suggests the services sector is expanding, while below 50 suggests it is contracting.
Why it matters: Services make up most of the US economy, so this report helps show the economy's direction and price pressures. It is usually seen as a high to medium importance release.
Usual market reaction: Prices tend to react to the actual figure compared with the forecast. A higher-than-forecast reading often supports the US dollar, since it points to a firmer economy and may make Fed rate cuts less likely soon, while a lower reading usually weighs on the dollar. Gold often moves in the opposite direction to the dollar in the short term, and stock indices can react differently depending on how the data changes interest rate expectations.

22:30 USD US Crude Oil InventoriesCrude Oil Inventories Forecast -0.1MPrevious -1.9M

What it is: A weekly report from the US Energy Information Administration (EIA) showing the change in the amount of commercial crude oil stored in the US compared with the previous week.
Why it matters: It gives a snapshot of US oil supply and demand, and the US is one of the world's largest oil consumers and producers, so oil traders watch it closely. Its direct effect on currencies is usually smaller than major economic data.
Usual market reaction: Oil prices often react to the actual figure compared with the forecast. A larger-than-expected build (more supply) tends to weigh on oil prices, while a larger-than-expected draw usually supports them. The effect on the US dollar is typically indirect and modest, though oil prices can influence inflation expectations and oil-linked currencies.

Wednesday 4 November 2026Today