Economic calendar

06:50 JPY BoJ Monetary Policy Meeting MinutesMonetary Policy Meeting Minutes

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.

10:35 JPY Japan 10-Year Bond Auction10-y Bond Auction Previous 3.10|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.

14:00 EUR German Factory Orders (m/m)German Factory Orders m/m Forecast 4.6%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.

14:45 EUR French Industrial Production (m/m)French Industrial Production m/m Forecast 0.3%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.

16:00 EUR Italian Retail Sales m/m Forecast 0.0%Previous 0.3%

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.

17:00 EUR Eurozone PPI m/mPPI m/m Forecast 2.5%Previous 1.9%

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.

17:03 EUR Spanish 10-Year Bond AuctionSpanish 10-y Bond Auction Previous 4.18|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.

17:18 EUR French 10-Year Bond AuctionFrench 10-y Bond Auction Previous 4.93|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.

17:30 USD Challenger Job Cuts y/y Previous -19.9%

What it is: Challenger, Gray & Christmas, a US employment consulting firm, publishes the number of job cuts announced by US employers. This figure shows the change compared with the same period a year earlier.
Why it matters: It offers a hint about whether the US labor market is weakening or staying strong, often ahead of jobs reports such as NFP. It is usually a low-to-medium importance release.
Usual market reaction: Traders usually compare the actual figure with the forecast or the previous reading. Higher-than-forecast job cuts tend to be read as a weaker labor market, which often weighs on the US dollar, while lower-than-forecast cuts usually support it. Gold often moves in the opposite direction to the dollar, so it may get support when the dollar weakens, although this link is not always consistent.

20:30 USD US Unemployment ClaimsUnemployment Claims Forecast 197KPrevious 194K

What it is: This is a weekly figure showing how many people in the US filed for unemployment benefits for the first time. It is published by the US Department of Labor.
Why it matters: It is an early signal of how healthy the job market is, which the Fed considers when setting interest rates. The figure can swing from week to week, so it is usually of medium importance.
Usual market reaction: Prices tend to react to the actual figure compared with the forecast. This data works in reverse: a lower-than-forecast number suggests a stronger job market and usually supports the US dollar, while a higher-than-forecast number suggests a weaker one and often weighs on the dollar. Gold often moves opposite to the dollar in the short term.

20:30 USD Preliminary Unit Labor Costs q/qPrelim Unit Labor Costs q/q Forecast 0.3%Previous 1.3%

What it is: The US Bureau of Labor Statistics (BLS) publishes this figure, which measures the change in labor costs needed to produce one unit of output compared with the previous quarter. It is usually released together with labor productivity data.
Why it matters: Fast-rising labor costs can add pressure on inflation, which the Fed considers when setting interest rates. It is usually a medium-importance release.
Usual market reaction: Traders usually compare the actual figure with the forecast. A higher-than-forecast result tends to be read as more inflation pressure and may lead markets to expect rates to stay higher for longer, which often supports the US dollar, while a lower result usually weighs on it. Gold often moves opposite to the dollar and bond yields, so it may soften when the dollar strengthens, but because this figure is often revised later, the reaction is usually moderate.

20:30 USD US Preliminary Nonfarm Productivity q/qPrelim Nonfarm Productivity q/q Forecast 2.8%Previous 1.4%

What it is: This measures how much output US workers produce per hour worked. It is published by the US Bureau of Labor Statistics (BLS) as a preliminary quarterly figure.
Why it matters: Traders watch it because it reflects how efficiently the economy is running and ties into labor costs and inflation. It is usually of medium importance.
Usual market reaction: Prices tend to react to the actual figure compared with the forecast. A higher-than-forecast result is often read as a sign of a healthy economy and usually supports the US dollar, while a lower result tends to weigh on it. The reaction can be mixed because traders also look at unit labor costs released alongside it. Gold often moves in the opposite direction to the dollar.

20:50 USD FOMC Member Hammack Speaks

What it is: Beth Hammack is the president of the Cleveland Federal Reserve Bank and takes part in FOMC meetings, which set US interest rate policy.
Why it matters: Comments from FOMC participants help the market guess where interest rates may head next. The importance usually depends on the speaker's influence and what is said.
Usual market reaction: Traders listen for hints about interest rates, inflation and the job market. A hawkish tone (leaning toward higher or longer-held rates) tends to support the US dollar and may weigh on gold, while a dovish tone (leaning toward rate cuts) often pressures the dollar and may support gold. Moves are usually modest unless the speech contains something new.

21:10 USD FOMC Member Barkin Speaks

What it is: Tom Barkin is the president of the Richmond Federal Reserve Bank and takes part in FOMC meetings, which set US interest rate policy.
Why it matters: Traders watch because his remarks can reveal views on the economy and interest rates, helping the market gauge Fed policy. The importance is usually low to medium.
Usual market reaction: Traders listen for hints about rates, inflation and the labor market. A hawkish tone tends to support the US dollar and may weigh on gold, while a dovish tone often pressures the dollar and may support gold. If there is nothing new, the market reaction is usually small.

22:30 USD US Natural Gas StorageNatural Gas Storage Previous 80B

What it is: A weekly report from the US Energy Information Administration (EIA) showing how much natural gas is held in underground storage in the US and how that changed from the previous week.
Why it matters: Energy traders use it to judge the balance between natural gas supply and demand, so it mainly affects natural gas prices. Its impact on currencies and broader markets is usually limited.
Usual market reaction: Prices tend to react to the actual figure compared with the forecast. A bigger-than-expected build (or a smaller-than-expected draw) suggests more supply and usually weighs on natural gas prices, while a smaller build or larger draw often supports them. The effect on the US dollar and gold is generally small.

Thursday 5 November 2026