Economic Calendar

Tuesday, December 16

13:30 GMT

The delayed November payrolls report will be the last major US macro data along with Thursday’s release of CPI. Much will depend on this with the Fed’s focus firmly on employment.

What to watch: USD, Gold

Thursday, December 18

12:00 GMT

The recent rebound in UK food inflation could keep the Bank of England divided on policy path, but with CPI inflation looks to have peaked, a rate cut is the most likely scenario at this meeting. Still, the Bank’s hawks will not back down easily and argue against further cuts in early 2026 anyway.

What to watch: GBP, UK 100

Friday, December 19

04:00 GMT

There has been much debate about the Bank of Japan’s policy normalisation process and how this might impact borrowing costs for the government looking to unless fiscal stimulus financed by issuance of more debt. The yen and JGBs have sold off, lifting their yields. A rate hike is now expected.

What to watch: JPY, Japan 225