This week’s top macro themes center on early-December activity data and preliminary inflation measures in Europe and the US, several major PMI and services indicators that will influence FX volatility, employment and income releases in North America that could move the dollar, and a handful of central bank / official speeches and regional events (including UAE public holidays) that may thin liquidity in some markets. Key scheduled highlights include the ISM manufacturing reading and a slate of European flash/final PMIs and CPI/PPI data early in the week, the ADP employment read and ISM services on Wednesday, Eurozone retail data mid-week, and stacked US income/spending and consumer sentiment prints on Friday.
📅 Monday, 1 December 2025
NZD
- Building Consents m/m — scheduled in the Asia session (market-watchers note seasonal volatility in NZ housing data).
JPY
- Capital Spending q/y — early Asia session release.
- Final Manufacturing PMI (Japan) — early/mid Asia session; affects Yen risk sentiment.
- BOJ Governor Ueda speaks — scheduled comments mid Asia session (watch for policy/reform cues).
AUD
- MI Inflation Gauge m/m; ANZ Job Advertisements m/m; Company Operating Profits q/q — domestic data that can influence AUD risk tone during Asia hours.
- Commodity Prices (y/y) — featured later in the Asia session and relevant for AUD moves.
EUR / European PMIs (final)
- German, French, Italian, Spanish and Eurozone Final Manufacturing PMIs — euro-area manufacturing picture published in the European session (watch EUR volatility around revisions).
CHF
- Retail Sales y/y; Manufacturing PMI — Swiss data releases in European session.
Other notable items
(Liquidity note) early-week Asia and Europe flows can set the tone for USD/JPY and EUR pairs.
Germany: Bundesbank President Nagel speaks — market reaction possible if comments touch growth or rates.
Emerging market / sovereign auction news — for example, an Egyptian one-year dollar T-bill auction was scheduled for Dec 1 (market impact on regional FX/liquidity).
📅 Tuesday, 2 December 2025
JPY
- Consumer Confidence Index (Nov) — early Asia session.
GBP
- Nationwide House Prices (m/m) — early morning UK item; could influence GBP risk, especially if surprise.
EUR / Eurozone
- Unemployment Rate (Oct) and Flash CPI / EU harmonised inflation (preliminary) — early European session; flash CPI is a headline mover for EUR.
- PPI (m/m & y/y) and Retail Sales (y/y) for some member states — watch for divergences inside the bloc.
CHF
- Retail Sales (m/m & y/y) — early Europe; Swiss domestic demand indicator.
Central bank / official speeches
- Various ECB / national central banker remarks and regional PMI releases continue; these often accompany press commentary that moves yields and FX.
Regional notes
UAE National Day observed starting Dec 2 (and official holidays around these dates) — watch Middle East market hours and liquidity.
📅 Wednesday, 3 December 2025
U.S.
- ADP Employment Report (Nov) — early U.S. session; widely watched as an employment lead indicator and USD mover.
- Trade Price Indices — morning (goods/price pressure signal).
- Industrial Production & Capacity Utilization — mid-morning (output/industrial demand).
- ISM Non-Manufacturing (Services) Index (Nov) — late morning U.S. release; big for USD and risk sentiment.
Canada
- Productivity (3Q) — early North American session.
Other
(Liquidity) U.S. mid-week employment reads can dominate global FX order flow.
Expect company/sector-specific releases and Fed speaker calendar items (monitor for any official commentary that could influence USD or yield expectations).
📅 Thursday, 4 December 2025
Eurozone
- Retail Sales (Oct) — European morning; retail volumes often move EUR vs peers if surprising.
U.S. / North America
- Mixed releases likely depending on the official monthly timetable (watch for smaller macro prints and any central bank speeches).
Japan / Asia
- Domestic activity indicators and business surveys may appear; these can add volatility to JPY crosses in Asia hours.
Market context
With major U.S. employment/income prints positioned for Friday, Thursday is often used by markets to reposition — watch FX option expiries and cross-market positioning.
📅Friday, 5 December 2025
U.S.
- Personal Income & Spending (timed for the US morning) — key for consumer demand and real spending trends; important for USD and rates.
- University of Michigan Consumer Sentiment (prelim) — morning; influential for near-term USD and risk appetite when surprises occur.
- Consumer Credit (Oct) — mid/late session, gives insight into household borrowing trends.
Canada
- Employment Report (Nov) — early North American session; key mover for CAD (employment levels, unemployment rate, participation).
Japan
- Leading Indicators (preliminary) — domestic cyclical signal that can influence JPY if surprise.
Eurozone
- GDP (3Q, final) — early European session; final GDP revisions can shift EUR if materially different from prior estimate.
Week-end liquidity
End-of-week flows and monthly/quarterly positioning often amplify headline moves — Friday sees wider moves in liquid FX pairs on big surprises.
