Triple central bank week: Fed, BoE, BoJ lead a global policy test
High Impact News: 15th – 19th September 2025
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🔍 Top Macro Highlights This Week
China Industrial Production & Retail Sales (Sep 15)
The week begins Monday at 02:00 BST with August activity data from China. Industrial production and retail sales are both expected to edge slightly higher (prev. 5.7% and 3.7% YoY respectively). A stronger showing could lift risk sentiment and commodities, while weakness may reinforce concerns about global demand.
UK Labour Market Report (Sep 16)
Tuesday at 06:00 BST brings UK employment figures. With unemployment edging up to 4.7% in July, policymakers are watching closely for signs of cooling labour momentum. Any surprise strength in jobs growth could harden the BoE’s stance just ahead of Thursday’s decision.
Canada CPI & U.S. Retail Sales (Sep 16)
At 12:30 BST, Canada releases CPI and core CPI, followed simultaneously by U.S. retail sales. With Canadian inflation hovering around 2.6% core, a softer print may reduce pressure on the BoC. U.S. retail sales remain central to assessing consumer resilience, especially as the Fed weighs policy pivots.
UK CPI – August (Sep 17)
Wednesday at 06:00 BST, the UK publishes CPI, with headline and core still running at 3.8% YoY. Sticky inflation could keep the BoE in hawkish mode, while downside surprises may fuel cut speculation.
Bank of Canada Policy Decision (Sep 17)
At 13:45 BST, the BoC announces its rate decision, followed by a press conference at 14:30 BST. Markets expect the policy rate to hold at 2.75%, but the tone of the statement will guide CAD direction.
U.S. FOMC Decision & Projections (Sep 17)
The highlight of the week lands Wednesday at 18:00 BST. The Fed announces its rate decision (consensus: 4.25% vs prior 4.50%) alongside updated economic projections and the “dot plot.” Chair Powell’s press conference at 18:30 BST will be critical for forward guidance. Markets will key in on whether the Fed signals a pivot toward cuts or stays cautious in the face of sticky inflation.
New Zealand GDP – Q2 (Sep 17)
Late Wednesday at 22:45 BST, New Zealand prints Q2 GDP. After contracting -0.7% YoY in Q1, markets will look for signs of a turnaround.
Australia Labour Market Report (Sep 18)
Thursday at 01:30 BST brings employment and unemployment data. With unemployment steady at 4.2%, the focus is on job creation. AUD volatility is likely.
Bank of England Decision & Votes (Sep 18)
At 11:00 BST, the BoE releases minutes, the policy summary, and MPC voting breakdown. The split will be closely watched: currently five members favour cuts, four prefer holding. GBP traders should expect volatility around the release.
Bank of Japan Policy Decision (Sep 19)
Friday (time not specified) delivers the BoJ’s rate decision, statement, and press conference at 06:30 BST. With rates steady at 0.5%, markets are watching for signs of further tightening after Tokyo CPI firmed earlier in the month. JPY could strengthen if the BoJ leans hawkish.
📊 Other Notable Releases
– GBP Retail Sales (Aug) – Sep 19, 06:00 BST
– SNB and ECB speeches earlier in the week may add colour to the policy backdrop
🧠 Big Picture
This is a rare “triple central bank” week, with the Fed, BoE, and BoJ decisions all landing within 48 hours. Each faces unique challenges: the Fed balancing inflation with slowing growth, the BoE weighing sticky prices against softening jobs, and the BoJ testing the limits of policy normalisation. Add in CPI from the UK and Canada plus growth data from China and New Zealand, and the stage is set for cross-asset volatility. Traders should prepare for sharp moves across USD, GBP, JPY, and CAD.