What’s Ahead: Weekly Macroeconomic Calendar for July 14-July 18, 2025

An overview of key economic events and data impacting financial markets during the week of July 14–18. Stay updated on inflation, industrial production, and retail sales figures, which could significantly influence currency movements.

Monday, July 14

Canada :
● 12:30 p.m.: Wholesale Sales (Month-over-Month) (May). Actual figure: -0.4% / Forecast: -2.3% A slight decline in wholesale trade may signal a slowdown in economic activity.

Tuesday, July 15

China:
● 2:00 a.m.: GDP (Year-over-Year) (Q2). Forecast: 5.4% China’s GDP data may have a significant impact on global market sentiment and risk assets.

Eurozone:
● 9:00 a.m.: Industrial Production (Month-over-Month) (May). Actual figure: 0.6% / Forecast: -2.4% A rise in output may support the euro.

United States:
● 12:30 p.m.: Core Consumer Price Index (Month-over-Month) (June). Actual figure: 0.3% / Forecast: 0.1% An increase in core CPI could strengthen inflationary pressure and influence Fed rate expectations.
● 12:30 p.m.: Consumer Price Index (Month-over-Month) (June). Actual figure: 0.3% / Forecast: 0.1% Inflation figures that could drive USD volatility.

Canada:
● 12:30 p.m.: Consumer Price Index (Month-over-Month) (June). Actual figure: 0.2% / Forecast: 0.6% Cooling inflation could pressure the Canadian dollar.

Wednesday, July 16

United Kingdom:
● 6:00 a.m.: Consumer Price Index (Year-over-Year) (June). Actual figure: 3.4% / Forecast: 3.4% Stable CPI may shape Bank of England policy expectations and impact the pound.

Eurozone:
● 9:00 a.m.: Trade Balance (May). Actual figure: €12.0B / Forecast: €9.9B An improved trade surplus could be positive for the euro.

United States:
● 12:30 p.m.: Producer Price Index (Month-over-Month) (June). Actual figure: 0.3% / Forecast: 0.1% An uptick in PPI suggests higher input costs, potentially influencing consumer prices.
● 14:30 з.m.: Crude Oil Inventories. Forecast: 7.07M Expect volatility in oil prices.

Thursday, July 17

Eurozone:
● 9:00 a.m.: Consumer Price Index (Year-over-Year) (June). Actual figure: 2.0% / Forecast: 2.0% Stable CPI may reinforce the ECB's inflation target.

United States:
● 12:30 p.m.: Core Retail Sales (Month-over-Month) (June). Actual figure: 0.3% / Forecast: -0.3% Stronger retail data highlights consumer resilience.
● 12:30 p.m.: Initial Jobless Claims. Actual figure: 234K / Forecast: 227K A slight rise in claims may signal mild labor market softening.
● 12:30 p.m.: Philadelphia Fed Manufacturing Index (July). Actual figure: 0.4 / Forecast: -4.0. A Positive reading points to growth in regional manufacturing.
● 12:30 p.m.: Retail Sales (Month-over-Month) (June). Actual figure: 0.2% / Forecast: -0.9% Better-than-expected sales data supported the USD.

Friday, July 18

Germany:
● 6:00 a.m.: Producer Price Index (Month-over-Month) (June). Actual figure: 0.1% / Forecast: -0.2% A modest PPI increase indicates limited inflationary pressure.

United States:
● 12:30 p.m.: Building Permits (June). Actual figure: 1.390M / Forecast: 1.394M A small decline may reflect cooling in the housing market.

Tips for Traders This Week:

● Watch Industrial Production and Inflation Data: These indicators in Germany (CPI and PPI) may affect the EUR.
● Watch US Labor Market Data: The number of Initial Jobless Claims is a key signal of the state of the US labor market. Also, keep an eye on the US Consumer Price Index (CPI) and Producer Price Index (PPI), as they can shape expectations around Fed interest rates and trigger USD volatility.
● Watch China GDP: China’s GDP (Year-over-Year) figures can shed light on the condition of the world’s second-largest economy and sway overall market sentiment.
● US Crude Oil Inventories may play a major role in influencing oil prices and commodity-linked currencies such as the CAD.