Economic calendar: Ifo survey, Eurozone inflation and FOMC speaks (17.12.2025)

UK inflation data and the WSJ report on Christopher Waller’s potential “interview” for Fed chair at the White House have already moved markets today, boosting volatility, particularly in the forex market.

But the macro-driven volatility doesn’t stop there. In Europe, investor focus will be on German business sentiment from the Ifo survey and Eurozone inflation. In the U.S., attention will turn to FOMC members Williams, Bostic and Waller. Alongside new updates on the U.S. oil tanker blockade in Venezuela, oil market volatility will also be shaped by the weekly EIA report. Overnight we will also get GDP data for New Zealand.

Economic calendar for today:

07:00 AM BST, United Kingdom - Inflation Data for November:

• CPI: actual 3.2% YoY; forecast 3.5% YoY; previous 3.6% YoY;

• CPI: actual -0.2% MoM; forecast 0.0% MoM; previous 0.4% MoM;

• Core CPI: actual -0.2% MoM; previous 0.3% MoM;

• Core CPI: actual 3.2% YoY; forecast 3.4% YoY; previous 3.4% YoY;

09:00 AM BST, Germany - German Ifo for December:

•  Business Climate Index: forecast 88.2; previous 88.1;

• German Current Assessment: forecast 85.7; previous 85.6;

• Business Expectations: forecast 90.5; previous 90.6;

10:00 AM BST, Euro Zone - Employment Data:

• Wages in euro zone (Q3): previous 3.70% YoY;

10:00 AM BST, Euro Zone - Labor Cost Index (Q3):

• forecast 3.50% YoY; previous 3.60% YoY;

10:00 AM BST, Euro Zone - Inflation Data:

• CPI: forecast -0.3% MoM; previous 0.2% MoM;

• CPI: forecast 2.2% YoY; previous 2.2% YoY;

• Core CPI: forecast -0.5% MoM; previous -0.5% MoM;

• Core CPI: forecast 2.4% YoY; previous 2.4% YoY;

• HICP ex Energy & Food: forecast 2.4% YoY; previous 2.4% YoY;

• HICP ex Energy and Food: forecast -0.4% MoM; previous 0.2% MoM;

01:15 PM BST, United States - Fed Waller Speaks

01:30 PM BST, Canada - Foreign Securities Purchases by Canadians for October:

• previous 22.120B;

01:30 PM BST, Canada - Foreign Securities Purchases for October:

• forecast 21.84B; previous 31.32B;

02:05 PM BST, United States - FOMC Member Williams Speaks

03:00 PM BST, United States - Retail Inventories Ex Auto for September:

• previous 0.0%;

03:00 PM BST, United States - Business Inventories for September:

• previous 0.0% MoM;

03:30 PM BST, United States - EIA Data:

• Crude Oil Inventories: forecast -2.400M; previous -1.812M;

• Crude Oil Imports: previous 0.212M;

• Cushing Crude Oil Inventories: previous 0.308M;

• Distillate Fuel Production: previous 0.380M;

• EIA Weekly Distillates Stocks: previous 2.502M;

• Gasoline Production: previous -0.178M;

• Heating Oil Stockpiles: previous 0.442M;

• EIA Weekly Refinery Utilization Rates: previous 0.4% WoW;

• Gasoline Inventories: previous 6.397M;

• EIA Refinery Crude Runs: previous -0.016M WoW;

05:30 PM BST, United States - FOMC Member Bostic Speaks

06:00 PM BST, United States - 20-Year Bond Auction:

• previous 4.706%;

09:45 PM BST, New Zealand - GDP data:

• GDP Annual Average (Q3): previous -1.1%;

• GDP Expenditure (Q3): previous -0.9% QoQ;

• GDP (Q3): forecast 0.9% QoQ; previous -0.9% QoQ;

• GDP (Q3): forecast 1.3% YoY; previous -0.6% YoY;