Currency: EUR Importance: 3 Previous: -0.20% Notes: The Consumer Price Index (CPI) measures the change in the prices of goods and services from the perspective of the consumer. As Germany has the largest output of any country in the euro-zone, the European Central bank pays very close attention to this figure in its role of maintaining price stability.

A reading that is stronger than forecast is generally supportive (bullish) for the EUR, while a weaker than forecast reading is generally negative (bearish) for the EUR.

Historical Impact: EURUSD EURJPY

Currency: USD Importance: 3 Forecast: 58.50 Previous: 56.10 Notes: The Service PMI release is published monthly by Markit Economics. The data are based on surveys of over 400 executives in private sector service companies. The surveys cover transport and communication, financial intermediaries, business and personal services, computing & IT, hotels and restaurants.

An index level of 50 denotes no change since the previous month, while a level above 50 signals an improvement, and below 50 indicates a deterioration. A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.

Historical Impact: EURUSD USDJPY

Currency: CHF Importance: 1 Previous: 0.70% Notes: According to Bloomberg, Swiss inflation is expected to ease from 0.7% in November to 0.6% in December. Markets have already priced in a 25-basis-point rate cut by the Swiss National Bank at its March meeting. Lower-than-expected inflation could prompt expectations of further rate cuts this year, potentially weakening the Swiss franc against major currencies.

Investors will also watch the release of European CPI data for December, scheduled on the same day. Bloomberg forecasts that core inflation (excluding food and energy) will remain steady at 2.7% in December.

In its December meeting, the European Central Bank reduced interest rates by 25 basis points. Markets have priced in three additional 25-basis-point cuts this year. However, higher-than-expected inflation could reduce the likelihood of these cuts, potentially strengthening the euro against major currencies like the Swiss franc.

Historical Impact: EURCHF CHFJPY

Currency: EUR Importance: 3 Previous: 2.20% Notes: According to Bloomberg, Swiss inflation is expected to ease from 0.7% in November to 0.6% in December. Markets have already priced in a 25-basis-point rate cut by the Swiss National Bank at its March meeting. Lower-than-expected inflation could prompt expectations of further rate cuts this year, potentially weakening the Swiss franc against major currencies.

Investors will also watch the release of European CPI data for December, scheduled on the same day. Bloomberg forecasts that core inflation (excluding food and energy) will remain steady at 2.7% in December.

In its December meeting, the European Central Bank reduced interest rates by 25 basis points. Markets have priced in three additional 25-basis-point cuts this year. However, higher-than-expected inflation could reduce the likelihood of these cuts, potentially strengthening the euro against major currencies like the Swiss franc.

Historical Impact: EURUSD EURJPY EURCHF

Currency: USD Importance: 3 Forecast: 53.50 Previous: 52.10 Notes: The Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers' Index (PMI) (also known as the ISM Services PMI) report on Business, is based on data compiled from monthly replies to questions asked of more than 370 purchasing and supply executives in over 62 different industries.

The NMI is a composite index based on the diffusion indexes for four of the indicators with equal weights: Business Activity (seasonally adjusted), New Orders (seasonally adjusted), Employment (seasonally adjusted) and Supplier Deliveries.

A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding; below 50 percent indicates the non-manufacturing sector is generally contracting. Given the large proportion of the US economy engaged in the services sector, this report offers insights into the health of the overall US economy.

A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD. Historical Impact: EURUSD USDJPY

Currency: USD Importance: 3 Previous: 58.20 Notes: The Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers' Index (PMI) (also known as the ISM Services PMI) report on Business, is based on data compiled from monthly replies to questions asked of more than 370 purchasing and supply executives in over 62 different industries.

The Prices Paid subcategory is a diffusion index calculated by adding the percent of responses indicating they paid more for inputs plus one-half of those responding that they paid the same for inputs. The resulting single index number is then seasonally adjusted.

The Prices Paid diffusion index is one of a number of indicators pointing to the degree of inflationary pressures in the economy.

A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.

Historical Impact: EURUSD USDJPY

Currency: USD Importance: 3 Forecast: 7.650M Previous: 7.744M Notes: A survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers about their businesses' employment, job openings, recruitment, hires and separations.

JOLTS defines Job Openings as all positions that are open (not filled) on the last business day of the month. A job is "open" only if it meets all three of the following conditions:
1. A specific position exists and there is work available for that position.
2. The job could start within 30 days, whether or not the establishment finds a suitable candidate during that time.
3. There is active recruiting for workers from outside the establishment location that has the opening.

A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.

Historical Impact: EURUSD USDJPY

Currency: USD Importance: 3 Previous: 4.235% Notes: The figures displayed in the calendar represent the yield on the Treasury Note auctioned.

U.S. Treasury Notes have maturities of two to ten years. Governments issue treasuries to borrow money to cover the gap between the amount they receive in taxes and the amount they spend to refinance existing debt and/or to raise capital. The rate on a Treasury Note represents the return an investor will receive by holding the note for its entire duration. All bidders receive the same rate at the highest accepted bid.

Yield fluctuations should be monitored closely as an indicator of the government debt situation. Investors compare the average rate at auction to the rate at previous auctions of the same security.

Historical Impact: USDJPY EURUSD

Currency: USD Importance: 3 Forecast: 143K Previous: 146K Notes: ADP is performs payroll services for its clients. The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is used as a predictor of the government's Labour Market Report.

A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.

Historical Impact: EURUSD USDJPY

Currency: USD Importance: 3 Previous: 211K Notes: Initial Jobless Claims measures the number of people who filed for unemployment insurance for the first time during the past week. This is the most timely U.S. economic data, but the market impact varies from week to week.

A reading that is higher than forecast is generally negative (bearish) for the USD, while a lower than forecast reading is generally supportive (bullish) for the USD.

Historical Impact: USDJPY EURJPY

Currency: Global Importance: 3 Previous: -1.178M Notes: The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.

If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected.
If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.

Historical Impact: USOILRoll

Currency: USD Importance: 3 Previous: 4.535% Notes: The figures displayed in the calendar represent the yield on the Treasury Bond auctioned.

U.S. Treasury Bonds have maturities from ten up to 30 years. Governments issue treasuries to borrow money to cover the gap between the amount they receive in taxes and the amount they spend to refinance existing debt and/or to raise capital. The rate on a Treasury Bond represents the return an investor will receive by holding the bond for its entire duration. All bidders receive the same rate at the highest accepted bid.

Yield fluctuations should be monitored closely as an indicator of the government debt situation. Investors compare the average rate at auction to the rate at previous auctions of the same security.

Historical Impact: USDJPY EURUSD

Currency: USD Importance: 3 Notes: U.S. stock markets (NYSE and Nasdaq) closed;

CME Group US Equities close early at 8:30 AM CT;

Interest Rate, Real Estate, and Weather products close early at 12:15 PM CT;

BrokerTec US Treasuries close early at 2:30 PM ET; Repo closes at 3:30 PM ET;

CME Group FX, Crypto, Energy, and Metals operate normal hours.

Legacy Reference: Learn More

Currency: USD Importance: 3 Notes: Markets will analyse the release of the minutes from the Federal Reserve's last meeting, providing insight into members' discussions and opinions. These minutes help traders assess the Fed's future monetary policy direction.

Notably, the Federal Reserve reduced US interest rates by 25 basis points in its last session and hinted at a more cautious approach to future rate cuts. This stance supported the US dollar, with the US Dollar Index rising by 2.5% in December.

If the minutes indicate that most FOMC members are open to multiple interest rate cuts this year, it could bolster the prices of major U.S. stock indices, including the S&P 500 & Nasdaq 100.

Historical Impact: USDJPY EURJPY US500 UT100

Currency: USD Importance: 3 Forecast: 0.30% Previous: 0.40% Notes: According to Bloomberg, the U.S. economy is projected to have added 153,000 jobs in December, down from 227,000 in November. Meanwhile, the unemployment rate is expected to remain stable at 4.2%.

Labour market data, along with inflation trends, play a critical role in shaping Federal Reserve interest rate decisions. With inflation (measured by the U.S. Consumer Spending Index) remaining below 2.5%, the Federal Open Market Committee is likely to focus on labour market performance.

A weaker-than-expected jobs report may indicate a softening labour market, potentially leading markets to anticipate additional US interest rate cuts this year. This could weigh on the U.S. dollar while providing support for precious metals like silver.

Historical Impact: EURUSD USDJPY XAGUSD

Currency: USD Importance: 3 Forecast: 154K Previous: 227K Notes: According to Bloomberg, the U.S. economy is projected to have added 153,000 jobs in December, down from 227,000 in November. Meanwhile, the unemployment rate is expected to remain stable at 4.2%.

Labour market data, along with inflation trends, play a critical role in shaping Federal Reserve interest rate decisions. With inflation (measured by the U.S. Consumer Spending Index) remaining below 2.5%, the Federal Open Market Committee is likely to focus on labour market performance.

A weaker-than-expected jobs report may indicate a softening labour market, potentially leading markets to anticipate additional US interest rate cuts this year. This could weigh on the U.S. dollar while providing support for precious metals like silver.

Historical Impact: EURUSD USDJPY XAGUSD

Currency: USD Importance: 3 Forecast: 4.20% Previous: 4.20% Notes: According to Bloomberg, the U.S. economy is projected to have added 153,000 jobs in December, down from 227,000 in November. Meanwhile, the unemployment rate is expected to remain stable at 4.2%.

Labour market data, along with inflation trends, play a critical role in shaping Federal Reserve interest rate decisions. With inflation (measured by the U.S. Consumer Spending Index) remaining below 2.5%, the Federal Open Market Committee is likely to focus on labour market performance.

A weaker-than-expected jobs report may indicate a softening labour market, potentially leading markets to anticipate additional US interest rate cuts this year. This could weigh on the U.S. dollar while providing support for precious metals like silver.

Historical Impact: EURUSD USDJPY XAGUSD

Currency: USD Importance: 3 Forecast: 4.35% Previous: 4.62% Notes: Recent data indicates that while inflation has moderated to 2.4% as of November 2024, it remains above the Federal Reserve’s 2% target. Simultaneously, the labor market continues to exhibit resilience, with jobless claims reaching an eight-month low. This combination of easing inflation and a strong labor market may provide the Federal Reserve with increased flexibility to adjust interest rates without reigniting inflation concerns, thereby supporting the possibility of a soft landing for the economy.