What’s Ahead: Weekly Macroeconomic Calendar for November 3— November 7, 2025

This upcoming week is set to deliver a series of key economic reports and speeches from central bank officials. Market participants will be watching closely the upcoming interest rate decisions in Australia and the United Kingdom, along with major labor market and business activity data. Extra caution is advised when following US releases, as the ongoing government shutdown could become the longest on record, putting the publication of several scheduled reports in doubt.

Monday, November 3

Eurozone: 
● 12:00 p.m. GMT: ECB’s Lane to speak. Critical for the EUR. Comments from the ECB official may offer hints regarding the central bank’s future monetary policy stance.

United States:
● 2:45 p.m. GMT: Manufacturing PMI (October). Previous: 52.2; Forecast: 52.0. Critical for the USD. (Release uncertain due to the shutdown.) This key gauge of the manufacturing sector reflects overall economic sentiment.
● 3:00 p.m. GMT: ISM Manufacturing PMI (October). Previous: 49.4; Forecast: 49.1. Critical for the USD. (Release is uncertain due to the shutdown.) A leading indicator of activity in the US manufacturing industry.

Tuesday, November 4

Australia:
● 3:30 a.m. GMT: Interest Rate Decision (November). Previous: 3.60%; Forecast: 3.60%. Critical for the AUD! The Reserve Bank of Australia’s rate announcement. Any unexpected move could spark strong volatility in the Australian dollar.

Eurozone:
● 10:00 a.m. GMT: ECB President Lagarde to speak. Critical for the EUR. Remarks from the ECB President may include insights on inflation and the eurozone’s economic outlook.

United States:
● 3:00 p.m. GMT: JOLTS Job Openings (September). Previous: 7.227M. Critical for the USD. (Release uncertain due to the shutdown.) A key indicator of labor demand and overall employment strength.

Japan:
● 11:50 p.m. GMT: Monetary Policy Meeting Minutes. Critical for the JPY. Details from the BoJ’s meeting could shed light on its policy outlook and future decisions.

Wednesday, November 5

United Kingdom:
● 9:30 a.m. GMT: Composite PMI (October). Forecast: 51.1; Previous: 51.1. Critical for the GBP. A headline indicator of overall business activity and economic health.
● 9:30 a.m. GMT: Services PMI (October). Previous: 51.1; Forecast: 51.1. Critical for the GBP. Reflects the performance of the UK’s largest economic sector.

United States:
● 1:15 p.m. GMT: ADP Nonfarm Payrolls (October). Previous: 28K; Forecast: -32K. Critical for the USD. (Release is uncertain due to the shutdown.) A preliminary snapshot of employment trends ahead of the official jobs report.
● 2:00 p.m. GMT: ISM Non-Manufacturing PMI (October). Previous: 50.0. Critical for the USD. (Release is uncertain due to the shutdown.) A key gauge of activity in the services sector, the backbone of the US economy.
● 2:00 p.m. GMT: ISM Non-Manufacturing PMI (October). Previous: 51.0; Forecast: 50.8. Critical for the USD. (Release is uncertain due to the shutdown.) An additional reading that confirms the state of the non-manufacturing industry.
● 2:45 p.m. GMT: Services PMI (October). Previous: 55.2; Forecast: 55.2. Critical for the USD. (Release is uncertain due to the shutdown.) Another major indicator reflecting conditions in the services sector.
● 3:30 p.m. GMT: Crude Oil Inventories. Previous: -6.858M. Critical for oil markets (Brent, WTI). Regular data that has an impact on short-term price dynamics in commodities.

Thursday, November 6

United Kingdom: 
● 12:00 p.m. GMT: Interest Rate Decision (November). Previous: 4.00%; Forecast: 4.00%. Critical for the GBP! The Bank of England’s rate decision. Expect volatility in the pound depending on the decision and the accompanying statement.

United States: 
● 1:30 p.m. GMT: Initial Jobless Claims. Previous: 218K. Critical for the USD. (Release is uncertain due to the shutdown.) A weekly indicator reflecting the state of the labor market.

Canada: 
● 3:00 p.m. GMT: Ivey PMI (October). Previous: 59.8. Critical for the CAD. Measures business activity and overall economic momentum in Canada.

Friday, November 7

Germany: 
● 7:00 a.m. GMT: Trade Balance (September). Previous: 17.0B; Forecast: 17.2B. Critical for the EUR. Reflects export and import trends in the eurozone’s largest economy.

United Kingdom:
● 12:15 p.m. GMT: Speech by BoE MPC member Peel. Critical for the GBP. Comments from the Bank of England official could influence expectations for future policy moves.

China:
● 8:56 p.m. GMT: Trade Balance (USD) (October). Previous: 95.60B; Forecast: 90.45B. Critical for the CNY and global sentiment. A leading indicator of foreign trade trends in the world’s second-largest economy.

Tips for Traders

 ● Central Bank Focus:  Keep a close eye on central bank activity this week. Rate decisions from the Reserve Bank of Australia and the Bank of England, along with speeches from ECB officials, could spark notable volatility in AUD, GBP, and EUR pairs.
 ● Ongoing US Shutdown: Exercise extreme caution! The publication of several scheduled US macroeconomic reports may be delayed or canceled entirely. This heightens market uncertainty and demands attention when trading USD pairs. Expect sharp reactions to any updates on the potential resolution of the shutdown.
 ● Risk Management: In times of elevated volatility and uncertainty, disciplined risk management is essential. Use protective stop-loss orders, and adjust position sizes accordingly.
 ● Post-Decision Analysis: Make sure to scrutinize the accompanying statements and press conferences after each central bank announcement. Typically, it’s the tone of the rhetoric and forecasts — rather than the decision itself — that moves the markets most.