Markets remain volatile as investors react to developments in the Middle East, swings in oil prices and government bond yields, particularly in the US, and AI-related news driving stock indices. In the coming week (09.11.2026-15.11.2026), the main focus will be on US consumer and producer price data.
Investors will also assess key economic releases from China, Germany, New Zealand, the United Kingdom, and Japan.
Note: During the coming week, new events may be added to the calendar, and/or some scheduled events may be canceled. GMT time.
The article covers the following subjects:
Major Takeaways
- Monday: China’s Consumer Price Index (CPI)
- Tuesday: US Consumer Price Index (CPI)
- Wednesday: Germany’s Consumer Price Index (CPI)
- Thursday: New Zealand inflation expectations and UK GDP
- Friday: US Producer Price Index (PPI)
- Sunday: Japan’s GDP
- Key event of the week: US CPI and PPI releases
Monday, November 9
01:30 – CNY: China’s Consumer Price Index (CPI)
The National Bureau of Statistics of China will release its fresh monthly data on consumer prices. The growth of consumer prices may trigger the acceleration of inflation, prompting the People’s Bank of China to implement a tighter monetary policy. Higher consumer inflation may boost the yuan, while a low result may exert pressure on the currency.
China’s economy is the second largest in the world, after the US economy. China is also the largest buyer of commodities and a supplier of a wide range of finished goods in the global commodity market. Therefore, the release of key macroeconomic data from China significantly impacts global financial markets, primarily the yuan, other Asian currencies, the US dollar, commodity-linked currencies, and Chinese and Asian stock indices.
In September 2026, the Consumer Price Index stood at +0.2% (+0.9% YoY), following +0.4% (+0.8% YoY) in August, -0.1% (+0.5% YoY) in July, -0.3% (+1.0% YoY) in June, -0.1% (+1.2% YoY) in May, +0.3% (+1.2% YoY) in April, -0.7% (+1.0% YoY) in March, +1.0% (+1.3% YoY) in February, +0.2% (+0.2% YoY) in January 2026, +0.2% (+0.8% YoY) in December 2025, -0.1% (+0.7% YoY) in November, +0.2% (+0.2% YoY) in October, +0.1% (-0.3% YoY) in September, 0% (-0.4% YoY) in August, +0.4% (0% YoY) in July, +0.1% (+0.1% YoY) in June, -0.2% (-0.1% YoY) in May, +0.1% (-0.1% YoY) in April, -0.2% (-0.7% YoY) in February, and +0.7% (+0.5% YoY) in January 2025.
An increase in the consumer inflation index will positively affect the renminbi, as well as commodity currencies. Conversely, if the data is worse than forecasted and there is a relative decline in the CPI, it may adversely affect the currencies, particularly the Australian and New Zealand dollars, as China is the largest trading and economic partner of Australia and New Zealand.
17:25 – GBP: Bank of England Governor Andrew Bailey’s Speech
Market participants are waiting for Andrew Bailey to clarify the future policy of the UK central bank. Typically, during the speech of the Bank of England governor, the British pound and the FTSE index of the London Stock Exchange face a significant spike in volatility, especially if there are any indications regarding monetary policy tightening or easing. Andrew Bailey will likely explain the Bank of England’s interest rate decision and discuss the UK economy’s health and prospects against the backdrop of high energy prices and inflation. If Bailey does not address monetary policy issues, the reaction to his speech will be subdued.
Tuesday, November 10
13:30 – USD: US Consumer Price Index
The Consumer Price Index (CPI) measures the change in prices of a selected basket of goods and services over a given period. It is a key indicator for assessing inflation trends and changes in consumer preferences. Food and energy are excluded from the Core CPI to provide a more accurate assessment.
A high index reading typically strengthens the US dollar by signaling an increased likelihood of the Fed’s interest rate hike, while a low reading generally weakens the currency.
Previous values YoY:
- CPI: +3.7%, +3.4%, +3.4%, +3.5%, +4.2%, +3.8%, +3.3%, +2.4% in February and January 2026, +2.7% in December 2025, +2.7%, +3.0%, +2.9%, +2.7%, +2.7%, +2.4%, +2.3%, +2.4%, +2.8%, +3.0% in January 2025, +2.9%, +2.7%, +2.6%, +2.4%, +2.5%, +2.9%, +3.0%, +3.3%, +3.4%, +3.5%, +3.2%, +3.1%, +3.4%, +3.1%, +3.2%, +3.7%, +3.7%, +3.2%, +3.0%, +4.0%, +4.9%, +5.0%, +6.0%, +6.4% in January 2023;
- Core CPI: +2.6%, +2.4%, +2.5%, +2.6%, +2.9%, +2.8%, +2.6%, +2.5% in February and January 2026, +2.6% in December 2025, +2.6%, +3.0%, +3.1%, +3.1%, +2.9%, +2.8%, +2.8%, +2.8%, +3.1%, +3.3% in January 2025, +3.2%, +3.3%, +3.3%, +3.3%, +3.2%, +3.2%, +3.3%, +3.4%, +3.6%, +3.8%, +3.8%, +3.9%, +3.9%, +4.0%, +4.0%, +4.1%, +4.3%, +4.7%, +4.8%, +5.3%, +5.5%, +5.6%, +5.5%, +5.6% in January 2023.
The figures indicate persistent inflationary pressure, which economists attribute primarily to rising energy prices amid the unrest in the Middle East and around the Strait of Hormuz. Although inflation remains well below the 40-year high of 9.1% recorded in June 2022, it continues to concern Fed officials, whose priorities include keeping inflation below the 2.0% target, supporting economic growth, and maintaining a stable labor market.
US inflation remains well above the Fed’s 2% target, forcing the central bank to keep interest rates high or take a pause to assess the economic and labor market situation if the reduction occurs.
If the data points to a decline in inflation or comes in weaker than expected, the dollar will most likely decline temporarily. If the numbers surpass expectations and previous readings, the greenback will strengthen, as this scenario would heighten the chances that the Fed will keep interest rates elevated for longer or resume its cycle of monetary policy tightening.
Wednesday, November 11
US banks and the bond market will be closed for Veterans Day, while stock exchanges will remain open.
07:00 – EUR: German Harmonised Index of Consumer Prices (Final Estimate)
The Harmonised Index of Consumer Prices (HICP) is published by the European Statistics Office and is calculated using a methodology agreed upon by all EU countries. The HICP is an indicator for measuring inflation and is used by the European Central Bank to assess price stability. A positive index result strengthens the euro, while a negative one weakens it.
Previous values YoY: +3.3%, +2.9%, +2.8%, +2.3%, +2.6%, +2.9%, +2.7%, +1.9%, +2.1% in January 2026.
The data indicate that inflation remains high and even accelerates periodically, which, in turn, is forcing the ECB to tighten its monetary policy, despite the risks of recession in the Eurozone.
If the index value turns out to be lower than the previous one, the euro may weaken. Conversely, if inflation resumes rising, the euro may strengthen. An increase in the index is a positive factor for the euro.
If the October reading proves higher than the previous one, the euro may appreciate in the short term.
The preliminary estimate stood at +2.8%.
Thursday, November 12
02:00 – NZD: Inflation Expectations of the Reserve Bank of New Zealand for Q4
The indicator measures consumers’ expectations regarding annual inflation over the next 24 months. An increase in these expectations can significantly influence the likelihood of an interest rate hike. A high indicator value is a positive factor for the New Zealand dollar.
Previous values QoQ: +2.34% in Q3, +2.53% in Q2, +2.37% in Q1 2026, +2.28% in Q4 2025, +2.28% in Q3 2025, +2.29% in Q2 2025, +2.06% in Q1 2025, +2.12% in Q4 2024, +2.03%, +2.33%, +2.50% in Q1 2024, +2.76%, +2.83%, +2.79%, +3.3%, +3.62% in Q4 2022.
07:00 – GBP: UK GDP in Q3 2026 (Preliminary Estimate)
GDP is viewed as an indicator of the UK economy’s condition. The growing GDP indicator is considered positive for the British pound. The UK GDP rate was one of the highest in the world until 2016, when the Brexit referendum occurred. Subsequently, its growth decelerated, and with the onset of the COVID-19 pandemic, the UK’s GDP growth rate turned negative.
The preliminary estimate for Q3 suggests that UK GDP has grown again. Overall, this is a positive factor for the British pound.
Previous GDP figures: +0.5% in Q2, +0.6% in Q1 2026, +0.1% in Q4 2025, +0.1% in Q3, +0.2% in Q2, +0.7% in Q1 2025, +0.3% in Q4 2024, +0.2% in Q3, +0.6% in Q2, +0.8% in Q1 2024.
The key factors that may force the Bank of England to keep the rate low include weak GDP growth, slow labor market growth, and low consumer spending. Should the GDP data fall significantly below previous values, the pound will face downward pressure. Conversely, high GDP readings will bolster the currency.
Friday, November 13
13:30 – USD: Producer Price Index (PPI)
The Producer Price Index (PPI) measures the average change in wholesale prices determined by manufacturers at all stages of production. The index is one of the leading inflation indicators in the United States, estimating the average change in wholesale producer prices.
Rising production costs increase wholesale selling prices, which ultimately boosts inflation. In normal economic conditions, growing inflation usually puts upward pressure on the national currency, implying a tighter central bank monetary policy.
Previous figures: +1.3% (+6.3% YoY), +0.5% (+5.6% YoY), +0.1% (+4.8% YoY), -0.1% (+5.5% YoY), +0.6% (+6.0% YoY), +1.1% (+5.7% YoY), +0.7% (+4.3% YoY), +0.5% (+3.4% YoY), +0.6% (+3.1% YoY) in January 2026, +0.4% (+3.2% YoY) in December 2025, +0.4% (+3.1% YoY), +0.1% (+2.8% YoY), +0.6% (+3.0% YoY), -0.2% (+2.7% YoY), +0.8% (+3.2% YoY), +0.1% (+2.4% YoY), +0.4% (+2.7% YoY), -0.3% (+2.4% YoY), -0.2% (+3.2% YoY), +0.1% (+3.4% YoY), +0.7% (+3.8% YoY) in January 2025.
If the data exceeds the forecast value, the US dollar will likely strengthen. Conversely, if the data falls below the forecast and previous values, this will exert pressure on the Fed. This could lead to the Fed’s monetary policy easing, which will negatively impact the US dollar.
Sunday, November 15
23:50 – JPY: Japan GDP for Q3 2026 (Preliminary Estimate)
GDP is a measure of a country’s overall economic condition, which assesses the rate of growth or decline of a country’s economy. The Gross Domestic Product report, published by the Cabinet Office of Japan, represents the total value of all final goods and services produced by Japan over a certain period in monetary terms. A rising trend in GDP is seen as positive for the yen, while a low reading is seen as negative.
In Q2 2026, the country’s GDP stood at +0.4% (+1.4% YoY) after +0.5% (+1.8% YoY) in Q1, +0.2% (+0.7% YoY) in Q4 2025, -0.6% (-2.3% YoY) in Q3, +0.3% (+1.1% YoY) in Q2, and +0.5% (+2.0% YoY) in Q1 of 2025. The data suggests a bumpy recovery for the Japanese economy after it collapsed due to the coronavirus pandemic in 2020.
The forecast implies that Japan’s GDP increased in Q3 2026, which is positive for the yen. Readings that exceed expectations will undoubtedly bolster the yen and Japanese stock indices. Conversely, underperformance will exert pressure on them.
Price chart of USDX in real time mode
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