Economic calendar

What it is

A summary of the discussions at the Bank of Japan's previous monetary policy meeting, published some time after the meeting. It shows what board members said about the economy, inflation and interest rates.

Why it matters

Traders read it for clues about when the BoJ might change policy or interest rates. Its importance is usually moderate, and it can matter more when markets are focused on a possible policy shift.

Usual market reaction

There is no single number to compare, so traders look at whether the tone is more hawkish (leaning towards higher rates or less stimulus) or more dovish than expected. A hawkish tone often supports the yen, while a cautious tone with ongoing easy policy tends to weigh on it. Because the meeting has already happened, the reaction is often smaller than on the decision day.

Previous3.10|3.8

What it is

This is an auction in which Japan's Ministry of Finance sells 10-year government bonds to investors and financial institutions to raise funds for the government.

Why it matters

The result shows how strong demand is for Japanese government debt and where bond yields may be heading, which traders watch regularly. Its importance is usually moderate.

Usual market reaction

Markets often look at the bid-to-cover ratio and the average yield compared with the previous auction and expectations. Strong demand and higher yields tend to support the yen, while weak demand often pressures bond prices and can cause short-lived volatility. The usual link to gold or stock indices is not very clear-cut.

Forecast4.6%Previous-10.6%

What it is

This figure, published by Germany's Federal Statistical Office (Destatis), shows the monthly change in the value of new orders placed with German factories.

Why it matters

Orders are a forward-looking sign of future production and the health of German industry, the largest economy in the eurozone. Its importance is usually moderate.

Usual market reaction

Markets compare the actual figure with the forecast. A higher-than-forecast result usually points to a stronger economy and tends to support the euro, while a lower one often weighs on it. The data can swing a lot because of large one-off orders, so reactions are sometimes muted, and the DAX index may also move with the economic outlook.

Forecast0.3%Previous-0.3%

What it is

This figure, published by France's national statistics office (INSEE), shows the monthly change in the volume of output from factories, mines and utilities.

Why it matters

It helps show the health of French manufacturing and the growth outlook, but it usually moves markets less than German data or eurozone-wide figures.

Usual market reaction

Markets compare the actual figure with the forecast. A higher-than-forecast result often points to a stronger economy and may give the euro slight support, while a lower one can weigh on it a little. Price moves are usually modest unless the result is far from expectations.

Forecast0.0%Previous0.3%

What it is

This measures the monthly change in the value of retail goods sold in Italy. It is published by Italy's national statistics office, ISTAT.

Why it matters

Consumer spending is a major part of any economy, and Italy is one of the eurozone's larger economies. However, this release usually has fairly low importance for the euro.

Usual market reaction

Prices react to the actual figure compared with the forecast. Retail sales above the forecast are often seen as a sign of firm consumer demand and may give the euro (EUR) slight support, while a weaker result tends to weigh on it slightly. The market impact is usually limited unless the figure is far from expectations.

Previous4.18|1.6

What it is

Spain's Treasury auctions 10-year government bonds to investors to raise money for the government. The results show the average yield and the bid-to-cover ratio, which compares demand with the amount offered.

Why it matters

The result shows how confident investors are in Spain's public finances. It is usually considered a low-to-medium importance event.

Usual market reaction

Traders usually compare the result with the previous auction, or with the forecast if there is one. Strong demand and a lower-than-expected yield tend to be read as confidence and may slightly support the euro. Weak demand or a higher-than-expected yield can signal worry and may weigh a little on the euro, though the overall effect on the currency is often limited.

Previous4.93|2.0

What it is

France's debt agency, Agence France Trésor, auctions 10-year government bonds to investors. The results show the average yield and the bid-to-cover ratio, which compares demand with the amount offered.

Why it matters

France is one of the eurozone's largest economies, so the result reflects investor confidence in France and in European bond markets. It is usually considered a low-to-medium importance event.

Usual market reaction

Traders usually compare the result with the previous auction, or with the forecast if there is one. Strong demand and a lower-than-expected yield tend to be read as confidence and may slightly support the euro. Weak demand or a higher-than-expected yield can signal fiscal worries and may weigh a little on the euro, though the effect on the currency is usually not large.

Forecast2.5%Previous1.9%

What it is

This measures the monthly change in the prices producers receive for their goods at the factory gate. It is published by Eurostat, the European Union's statistics office.

Why it matters

Producer prices often act as an early signal for consumer inflation, so they feed into views on the European Central Bank's (ECB) interest rate path. They are usually less important than CPI.

Usual market reaction

Prices react to the actual figure compared with the forecast. A PPI reading higher than forecast is often read as rising inflation pressure, which may suggest the ECB keeps rates higher for longer and tends to support the euro (EUR). A lower-than-forecast result usually weighs on the euro, though the reaction is often modest.

Previous4.18|1.6

What it is

Spain's Treasury auctions 10-year government bonds to investors to raise money for the government. The results show the average yield and the bid-to-cover ratio, which compares demand with the amount offered.

Why it matters

The result shows how confident investors are in Spain's public finances. It is usually considered a low-to-medium importance event.

Usual market reaction

Traders usually compare the result with the previous auction, or with the forecast if there is one. Strong demand and a lower-than-expected yield tend to be read as confidence and may slightly support the euro. Weak demand or a higher-than-expected yield can signal worry and may weigh a little on the euro, though the overall effect on the currency is often limited.

Previous4.93|2.0

What it is

France's debt agency, Agence France Trésor, auctions 10-year government bonds to investors. The results show the average yield and the bid-to-cover ratio, which compares demand with the amount offered.

Why it matters

France is one of the eurozone's largest economies, so the result reflects investor confidence in France and in European bond markets. It is usually considered a low-to-medium importance event.

Usual market reaction

Traders usually compare the result with the previous auction, or with the forecast if there is one. Strong demand and a lower-than-expected yield tend to be read as confidence and may slightly support the euro. Weak demand or a higher-than-expected yield can signal fiscal worries and may weigh a little on the euro, though the effect on the currency is usually not large.