Today’s macro calendar is relatively light, and none of the releases are likely to trigger a significant increase in market volatility. However, US jobless claims data have the highest potential to do so, as they may be interpreted as a sign of continued resilience in the US economy (which could support yields and the dollar, while increasing inflationary risk). In addition, we will see sentiment data from major European economies and hear comments from Fed member Stephen Miran on inflation risks. His remarks may serve as a kind of “litmus test” for the stance of Kevin Warsh, who is expected to take over leadership after Jerome Powell.
Economic calendar
7 AM GMT – Germany: GfK consumer sentiment for March, expected -27.3 vs. -24.3 previously
7:45 AM GMT – France: Business climate for March, expected 96 vs. 97 previously
- Consumer confidence expected 89 vs. 91 previously
9 AM GMT – Italy: Consumer confidence for March, expected 95.6 vs. 97.4 previously
9 AM GMT – Norway: Norges Bank decision, rates expected to remain at 4%
12:30 PM GMT – USA: Jobless claims, expected 210K vs. 205K last week
3 PM GMT – USA: Kansas City Fed index, expected 3 vs. 5 previously
8 PM GMT – USA: Speech by Fed’s Lisa Cook
10 PM GMT – USA: Speech by Fed’s Stephen Miran

Source: xStation5
Economic calendar: Oil inventories and US trade balance in focus 🔎
Morning wrap (25.03.2026)
Mixed US PMI data 🗽EURUSD gains
Shift in Europe's PMIs - Strong manufacturing, services decline