A busy macro week: Asia opens the week with national growth and trade data that can move commodity and regional FX flows; midweek brings China inflation and US wholesale (PPI) data; Thursday is the headline day with the US Consumer Price Index (CPI) and the European Central Bank policy decision and press conference — those two items are likely to set the near-term tone for G10 FX. India’s central settlement/forex markets will be closed on Monday in some regions, so expect local liquidity quirks at the start of the week.
📅 Monday, 8 September 2025
Asia / China / Japan
- Japan: Quarterly GDP (2Q, second preliminary / final) — headline growth and revisions; usual market focus on growth composition and inventories.
- Japan: Current account, trade balance and other monthly external flow releases (often the same day as GDP).
- China: August trade data (exports, imports, trade balance — year-on-year and USD figures). Markets watch for export weakness or signs of demand; export/import breakdowns and shipments to major partners are highlighted.
- Japan: other routine releases (corporate goods price snippets, household/profit indicators depending on schedule).
United States
- Consumer Credit (G.19) — July (Federal Reserve / monthly release) — used for household liquidity/credit trends.
Australia / NZ / Asia
- A range of domestic micro data and central bank/statistical agency publications and industry surveys (business conditions, retail indicators, machine tool orders in Japan, etc.) — useful for local market sentiment.
📅 Tuesday, 9 September 2025
Asia / China
- China: follow-up monthly data (sometimes CPI early estimates, continued trade detail releases, PPI timing may fall around this day depending on provider). Market focus on whether deflationary pressures persist.
- Japan: Machine tool orders / other industry updates (flash monthly or business survey items).
United States
- NFIB Small Business Optimism Index — headline and components (hiring intentions, earnings trends) — release usually second Tuesday; used as a gauge of small-business sentiment.
Europe / UK
- Lower-impact releases and regional PMI readouts may appear; central bank speeches or comments sometimes scheduled. (Watch for ad-hoc central bank commentary.)
📅 Wednesday, 10 September 2025
United States
- Producer Price Index (PPI) — August (monthly) — headline and core PPI at 08:30 ET; one of the week’s key inflation snapshots and a lead indicator for CPI.
- Wholesale inventories / other business inventories updates — can influence GDP revisions and inventories contribution to growth.
China
- Monthly financial aggregates / TSF / new RMB loans / money supply (M0/M1/M2) and often CPI/PPI windows around this date — these can shift risk sentiment in Asia and commodity FX.
Japan / Asia
- Bank of Japan periodic figures, corporate goods or machinery orders releases and various private sector surveys (watch timing from BOJ schedule).
📅 Thursday, 11 September 2025
United States — BIG day
- Consumer Price Index (CPI) — August (headline & core), released 08:30 AM ET — the central inflation print for markets this week and a key input for Fed expectations. Expect heavy FX and rates reaction around release and the following hours.
Europe
- European Central Bank (Governing Council) meeting (Sep 11) — policy announcement / press conference/updated forecasts (markets watch any change to guidance and press-conference Q&A). This is a core macro event for EUR.
Canada
- Selected Canadian monthly/quarterly data or securities flow data may be scheduled (watch for revisions and cross-border flows that affect CAD liquidity). (Note: Bank of Canada policy decision is scheduled later in the month, not this week.)
Japan
- Machinery orders, corporate goods price readings or BOJ publications (timing per BOJ schedule).
Other
- UK / Eurozone sub-nation CPI releases or preliminary prints sometimes cluster mid-month (but note the UK national CPI headline for August is scheduled later in the month).
📅Friday, 12 September 2025
United States
- University of Michigan — preliminary Consumer Sentiment (September) — release around 10:00 AM ET, a key end-of-week read on consumer mood and expected spending/1-yr inflation expectations. Markets watch for surprises that could alter short-term Fed cut odds.
- Week-end wrap figures (consumer credit revisions, revisions to payrolls data or regional fed surveys) can appear.
Asia / Australia / NZ
- Domestic weekly and monthly indicators (retail, credit, card spending snapshots, business surveys, job ads) — useful to currency traders for local tone.
Europe
- Any scheduled lower-impact updates; corporate earnings and macro headlines (inflation/capex commentary) may move EUR/GBP pairs into the close.
Extra notes / watchlist items for FX traders (this week)
- FX & rates reaction: Japan GDP and China trade/CPI/PPI early in the week set the Asia risk tone and commodity demand outlook; U.S. PPI (Wed) and U.S. CPI (Thu) are the largest market movers (USD, U.S. rates, safe havens) followed by Friday’s Michigan sentiment print. ECB’s Sep 11 meeting and press conference will be the main EUR focal point for guidance on the policy path.
- Cross-asset: inflation prints (PPI/CPI) will shape rate cut pricing for the Fed meeting later in September; China data will influence commodity FX and cyclicals; ECB commentary can trigger EUR volatility versus majors.
- Watch the revisions: GDP and inventory/wholesale revisions during the week can change growth narratives and risk appetite unexpectedly (less headline but important for end-of-week positioning).
- Event clusters to respect for position sizing: US CPI (Thu) + ECB decision/press conference (Thu) — avoid oversized positions through those windows, or reduce risk before prints.
- Asia risk pulse: Japan GDP final and China trade prints on Monday will set the early tone for risk-sensitive FX (AUD/NZD, USD/CNH, KRW).
- Follow market reaction, not only the headline: look at core components (services, shelter, goods) for inflation prints and central-bank commentary for forward guidance.
- Central banks & calendar alignment: ECB’s Sep 10–11 meeting date and press conference timing are official — expect EUR volatility when the press conference runs.