Economic calendar
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Wednesday 4 November 2026
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.
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.
EUR Spanish Unemployment Change Forecast 18.7KPrevious 23.6K
Forecast18.7KPrevious23.6K
- 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.
EUR Spanish Services PMI Forecast 57.6Previous 58.3
Forecast57.6Previous58.3
- 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.
EUR Italian Services PMI Forecast 51.4Previous 51.7
Forecast51.4Previous51.7
- 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.
EUR French Final Services PMI Forecast 48.4Previous 48.4
Forecast48.4Previous48.4
- 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.
EUR German Final Services PMI Forecast 51.7Previous 51.7
Forecast51.7Previous51.7
- 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.
EUR Eurozone Final Services PMIFinal Services PMI Forecast 51.7Previous 51.7
Forecast51.7Previous51.7
- 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.
EUR Eurozone Core CPI Flash Estimate (y/y)Core CPI Flash Estimate y/y Forecast 2.5%Previous 2.5%
Forecast2.5%Previous2.5%
- 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.
EUR Eurozone CPI Flash Estimate y/yCPI Flash Estimate y/y Forecast 4.0%Previous 3.8%
Forecast4.0%Previous3.8%
- 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.
Calendar data from Forex Factory. Explanations are written by AI for education, not investment advice.