Date: 12-May-25, Mon, All Day Currency: SGD Importance: 3 Notes: Singapore financial markets will be closed in observance of Vesak Day. Expect reduced trading activity and liquidity in SGD currency pairs. Learn More: Legacy Reference

Date: 13-May-25, Tue, 18:00 IST Currency: USD Importance: 3 Previous: 0.10% Notes: The Core Consumer Price Index (CPI) measures the changes in the price of goods and services, excluding food and energy. The Central bank pays very close attention to this figure in its role of maintaining price stability. Because the Fed believes that core inflation is a better gauge of underlying price pressures, it is more closely watched than overall inflation which tends to be more volatile. U.S. inflation data for April are due Tuesday and are expected to confirm that price pressures remain too high to justify a rate cut just yet. “April inflation numbers are likely to show elevated inflation pressures persist with some evidence of pre-emptive price hikes as the influence of tariffs starts to show,” said ING economist James Knightley. June will likely be the point where price hikes become more apparent, he said. 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. Learn More: USDJPY EURUSD

Date: 13-May-25, Tue, 18:00 IST Currency: USD Importance: 3 Previous: -0.10% Notes: The Consumer Price Index (CPI) measures the change in the prices of goods and services contained in a basket of consumer items. The Central bank pays very close attention to this figure in its role of maintaining price stability. U.S. inflation data for April are due Tuesday and are expected to confirm that price pressures remain too high to justify a rate cut just yet. “April inflation numbers are likely to show elevated inflation pressures persist with some evidence of pre-emptive price hikes as the influence of tariffs starts to show,” said ING economist James Knightley. June will likely be the point where price hikes become more apparent, he said. 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. Learn More: USDJPY EURUSD

Date: 13-May-25, Tue, 18:00 IST Currency: USD Importance: 3 Previous: 2.40% Notes: The Consumer Price Index (CPI) measures the change in the prices of goods and services contained in a basket of consumer items. The Central bank pays very close attention to this figure in its role of maintaining price stability. U.S. inflation data for April are due Tuesday and are expected to confirm that price pressures remain too high to justify a rate cut just yet. “April inflation numbers are likely to show elevated inflation pressures persist with some evidence of pre-emptive price hikes as the influence of tariffs starts to show,” said ING economist James Knightley. June will likely be the point where price hikes become more apparent, he said. 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. Learn More: USDJPY EURUSD

Date: 14-May-25, Wed, 11:30 IST Currency: EUR Importance: 3 Previous: 0.40% 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. Second-estimate inflation data for Germany is due on Wednesday. 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. Learn More: EURJPY EURUSD

Date: 14-May-25, Wed, 20:00 IST Currency: USD Importance: 3 Previous: -2032M 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. Learn More: USOILROLL

Date: 15-May-25, Thur, 11:30 IST Currency: GBP Importance: 3 Previous: 1.50% Notes: Gross Domestic Product (GDP) gauges the inflation-adjusted value of all goods and services produced within the economy. It is the most comprehensive measure of economic activity and an important indicator of economic health. The estimate of U.K. gross domestic product data for the first quarter will be released Thursday. A reading that is stronger than forecast is generally supportive (bullish) for the GBP, while a weaker than forecast reading is generally negative (bearish) for the GBP. Learn More: GBPJPY GBPUSD

Date: 15-May-25, Thur, 11:30 IST Currency: GBP Importance: 3 Previous: 0.50% Notes: Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy's health. The estimate of U.K. gross domestic product data for March will be released Thursday. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP. Learn More: GBPJPY GBPUSD

Date: 15-May-25, Thur, 11:30 IST Currency: GBP Importance: 3 Previous: 0.10% Notes: Gross Domestic Product (GDP) gauges the inflation-adjusted value of all goods and services produced within the economy. It is the most comprehensive measure of economic activity and an important indicator of economic health. The estimate of U.K. gross domestic product data for the first quarter will be released Thursday. A reading that is stronger than forecast is generally supportive (bullish) for the GBP, while a weaker than forecast reading is generally negative (bearish) for the GBP. Learn More: GBPJPY GBPUSD

Date: 15-May-25, Thur, 18:00 IST Currency: USD Importance: 3 Previous: 0.60% Notes: Core Retail Sales measures the change in the total value of sales at the retail level in the U.S., excluding automobiles. It is an important indicator of consumer spending which accounts for a large percentage of US GDP. Retail sales data for April on Thursday will be watched closely for signs of the extent to which the prospect of tariffs is hurting consumer sentiment and denting spending. Worries about inflation, the state of the job market, government spending cuts and a decline in household wealth could all impact discretionary spending, ING’s Knightley said. 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. Learn More: USDJPY EURUSD

Date: 15-May-25, Thur, 18:00 IST Currency: USD Importance: 3 Previous: 228K 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. Weekly jobless claims are due on Thursday. 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. Learn More: USDJPY EURUSD

Date: 15-May-25, Thur, 18:00 IST Currency: USD Importance: 3 Previous: (26.4) Notes: The Philadelphia Federal Reserve Manufacturing Index measures the relative level of business conditions amongst manufacturers in the Federal reserve district. A level above zero on the index indicates improving conditions; below indicates worsening conditions. The data is compiled from a survey of about 250 manufacturers in the Philadelphia Federal Reserve district. 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. Learn More: USDJPY EURUSD

Date: 15-May-25, Thur, 18:00 IST Currency: USD Importance: 3 Previous: -0.40% Notes: The Producer Price Index (PPI) measures a change in input prices of raw, semi-finished or finished goods and services. If input costs rise, some will be absorbed by the producer and some passed on to the consumer. Conversely, if input costs fall, some of the decline will be enjoyed as wider profit margins by the producer and some will be passed on to the consumer in the form of lower prices. Because PPI impacts consumer prices, it is watched by central bankers as part of fulfilling their mandate of price stability. 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. Learn More: USDJPY EURUSD

Date: 15-May-25, Thur, 18:00 IST Currency: USD Importance: 3 Previous: 1.50% Notes: Retail Sales gauges the change in the aggregate value of sales at the retail level across the country. It is an important indicator of consumer spending accounting for the majority of overall economic activity. Retail sales data for April on Thursday will be watched closely for signs of the extent to which the prospect of tariffs is hurting consumer sentiment and denting spending. Worries about inflation, the state of the job market, government spending cuts and a decline in household wealth could all impact discretionary spending, ING’s Knightley said. 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. Learn More: USDJPY EURUSD

Date: 15-May-25, Thur, 18:10 IST Currency: USD Importance: 3 Notes: Federal Reserve Chair Jerome Powell (Feb. 2018 – Feb. 2026) is to speak. As head of the Fed, which controls short term interest rates, he has more influence over the U.S. dollar's value than any other person. Traders closely watch his speeches as they are often used to drop hints regarding future monetary policy. Learn More: USDJPY EURUSD

Date: 16-May-25, Fri, 5:20 IST Currency: JPY Importance: 3 Previous: 0.60% Notes: Gross Domestic Product (GDP) measures the change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy's health. Government data due Friday are expected to show Japan’s economy contracted in the first quarter of 2025 for the first time in a year. Real gross domestic product likely shrank 0.2% on an annualized basis in the January-March period, after 2.2% growth the previous quarter, according to a Quick poll of economists. Economists say external demand-or exports minus imports-likely dragged on growth, while domestic demand, including private consumption and capital spending, remained resilient. The drag from U.S. tariffs is expected to be more visible in the April-June quarter. A reading that is stronger than forecast is generally supportive (bullish) for the JPY, while a weaker than forecast reading is generally negative (bearish) for the JPY. Learn More: USDJPY EURJPY

Date: 18-Jun-25, Wed, 23:30 IST Currency: USD Importance: 3 Previous: 4.38% Forecast: 4.33% Notes: The Federal Open Market Committee (FOMC) announces its decision on the target range for the federal funds rate. Market expectations (e.g., via CME FedWatch Tool) and the accompanying statement/press conference are crucial for determining market impact and future policy direction. Learn More: CME FedWatch Tool