Economic calendar

00:45 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 ECB President Lagarde Speaks

What it is: Christine Lagarde, President of the European Central Bank (ECB), gives a speech or answers questions at an event, usually discussing the eurozone economy and monetary policy.
Why it matters: The ECB sets eurozone interest rates, so the President's words are often watched closely, especially for fresh hints about the direction of rates.
Usual market reaction: Traders usually listen for her view on inflation and growth and for any hint about whether rates may be raised, held or cut. A hawkish tone often supports the euro, while a dovish tone tends to weigh on it. Prices usually react to how the message differs from what the market already expected, and if nothing new is said the move may be small.

06:30 JPY Japan Average Cash Earnings y/yAverage Cash Earnings y/y Forecast 3.8%Previous 3.8%

What it is: This measures the change in average total pay for workers in Japan, including bonuses and overtime, compared with a year earlier. It is published by Japan's Ministry of Health, Labour and Welfare.
Why it matters: The Bank of Japan (BoJ) watches wages because sustained pay growth supports inflation and can influence interest rate decisions. The release is usually of medium to high importance for JPY pairs.
Usual market reaction: Prices tend to react to the actual figure compared with the forecast. A higher-than-forecast result usually supports the yen, as markets may see a greater chance of a BoJ rate hike, while a lower one usually weighs on it. The reaction can vary depending on what else is going on in the market.

14:00 EUR German Industrial Production m/m Forecast 0.0%Previous 2.0%

What it is: This measures the monthly change in output from Germany's factories, energy producers and other industry compared with the previous month. It is published by Germany's federal statistics office, Destatis.
Why it matters: Germany is the largest economy in the eurozone and relies heavily on manufacturing, so this figure helps show the health of both the German and eurozone economies. 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 usually supports the euro and may help German stocks, while a lower one usually weighs on the euro. The figure often swings from month to month, so the reaction is not always strong.

14:45 EUR French Trade Balance Forecast -5.8BPrevious -6.1B

What it is: This is the monthly gap between the value of France's exports and imports of goods, published by French customs. Exports above imports give a surplus, while the reverse gives a deficit.
Why it matters: The trade balance shows foreign demand for French goods and how competitive they are. Markets usually give it fairly low weight compared with eurozone inflation or jobs data.
Usual market reaction: Prices tend to react to the actual figure compared with the forecast. A better-than-forecast balance, such as a smaller deficit, usually gives the euro slight support, while a worse result tends to weigh on it slightly. The effect is generally limited.

16:30 USD FOMC Member Williams Speaks

What it is: John Williams, President of the New York Fed and Vice Chair of the FOMC, gives a public speech or interview.
Why it matters: He is a key voice on the FOMC, which sets US interest rates, so his comments are often watched for hints about the policy path.
Usual market reaction: Traders listen for clues about interest rates, inflation and the labour market. A hawkish tone, or hints that rates may stay high for longer, usually supports the US dollar and can weigh on gold and stock indices, while a dovish tone tends to do the opposite. Markets usually react to surprises versus what was expected, not to every remark.

17:00 EUR Eurozone Retail Sales m/mRetail Sales m/m Forecast -0.1%Previous 0.1%

What it is: A figure published by Eurostat, the EU's statistics office, showing the month-on-month change in the volume of retail sales across the eurozone.
Why it matters: Consumer spending is a big part of the economy, so this release helps gauge economic health. It usually has a medium level of importance for EUR.
Usual market reaction: Markets tend to compare the actual figure with the forecast. Retail sales higher than forecast usually support the euro because they suggest stronger spending, while a lower figure tends to weigh on it. The reaction can be larger if the data changes expectations about ECB interest rates.

20:30 USD Average Hourly Earnings m/m Forecast 0.3%Previous 0.1%

What it is: This shows how much average hourly pay for US workers changed compared with the previous month. It is published by the US Bureau of Labor Statistics (BLS) alongside the NFP jobs report.
Why it matters: Rising wages can push up prices, so this figure is linked to the Fed's interest rate decisions. It is usually considered a very important release.
Usual market reaction: Markets tend to react to the actual figure compared with the forecast. A higher-than-forecast result usually supports the US dollar (USD), while a lower one usually weighs on it. Gold often moves in the opposite direction to the dollar, so a stronger dollar tends to pressure gold.

20:30 USD Non-Farm Payrolls (NFP)Non-Farm Employment Change Forecast 65KPrevious 29K

What it is: NFP shows how many jobs the US economy added or lost in the previous month, excluding farm work. It is published by the US Bureau of Labor Statistics (BLS).
Why it matters: The job market reflects the health of the US economy and influences the Federal Reserve's interest-rate decisions, so this is one of the most closely watched releases in the world.
Usual market reaction: Prices usually react to the actual figure compared with the forecast. A higher-than-forecast number tends to support the US dollar, as it points to a strong economy and may keep interest rates higher for longer; a lower-than-forecast number often weighs on the dollar. Gold often moves in the opposite direction to the dollar, and both currencies and US stock indices can be very volatile around the release.

20:30 USD US Unemployment RateUnemployment Rate Forecast 4.2%Previous 4.2%

What it is: The unemployment rate is the share of the US labour force that has no job but is actively looking for one. It is published by the US Bureau of Labor Statistics (BLS) together with the NFP report.
Why it matters: Employment is one of the Federal Reserve's two main goals alongside inflation, so this figure shapes expectations for interest rates and is closely watched.
Usual market reaction: Prices usually react to the actual figure compared with the forecast. A lower-than-forecast unemployment rate tends to support the US dollar because it signals a strong job market, while a higher-than-forecast rate often weighs on it. Gold often moves in the opposite direction to the dollar, so it may find support when the dollar weakens.

21:10 USD FOMC Member Musalem Speaks

What it is: A speech or interview by Alberto Musalem, President of the Federal Reserve Bank of St. Louis and a member of the FOMC.
Why it matters: The FOMC sets US interest rates, which affect markets worldwide, so comments from its members help traders read the policy direction. The importance is usually medium.
Usual market reaction: Traders usually listen for his views on inflation, jobs and the path of interest rates. Prices tend to react to his tone compared with what the market expects. A more hawkish tone than expected often supports the US dollar and tends to pressure gold, while a more dovish tone may weaken the dollar and often supports gold.

22:00 USD UoM Consumer Sentiment (Preliminary)Prelim UoM Consumer Sentiment Forecast 48.1Previous 46.3

What it is: A survey of how American households feel about the economy and their own finances, produced by the University of Michigan. The preliminary reading usually comes out mid-month, followed by a final figure later.
Why it matters: Consumer spending is a large part of the US economy, and the survey also includes inflation expectations that the Fed pays attention to. It is usually a medium-impact release.
Usual market reaction: Markets usually compare the actual figure with the forecast. A higher-than-forecast reading tends to support the US dollar because confident consumers may spend more, while a lower reading often weighs on it. Gold sometimes moves in the opposite direction to the dollar, and the inflation expectations in the report can also shift views on interest rates.

22:00 USD Prelim UoM Inflation Expectations (US)Prelim UoM Inflation Expectations Previous 4.7%

What it is: A preliminary survey from the University of Michigan (UoM) asking US consumers how much they expect prices to rise, over both the next year and the longer term. The preliminary figure comes first and a final figure follows later.
Why it matters: The Federal Reserve (Fed) pays attention to what people expect for inflation because it can influence spending and price-setting, so this data can shape interest-rate expectations. Its importance is usually moderate to fairly high.
Usual market reaction: Markets usually compare the actual figure with the forecast. Higher-than-forecast inflation expectations may lead traders to think the Fed will keep rates high for longer, which tends to support the US dollar and bond yields and often weighs on gold. A lower-than-forecast figure usually has the opposite effect. Reactions tend to be stronger when the result differs a lot from expectations.

23:00 JPY BOJ Governor Ueda SpeaksBOJ Gov Ueda Speaks

What it is: Kazuo Ueda, Governor of the Bank of Japan (BOJ), gives a speech or public remarks about the economy and monetary policy.
Why it matters: The governor guides Japan's interest rate policy, so traders watch his words closely. It is usually seen as a high-importance event.
Usual market reaction: Traders usually listen for hints about whether the BOJ may raise interest rates or keep policy loose. If the tone is more hawkish than the market expects, the yen (JPY) often strengthens; if it is more dovish than expected, the yen tends to weaken. Prices can move sharply while he is speaking.

Friday 6 November 2026