PMIs, SNB decision, and U.S. PCE cap a policy-heavy week
High Impact News: 22nd – 26th September 2025
🔍 Top Macro Highlights This Week
BoE Governor Bailey Speech (Sep 22)
The week opens Monday at 18:00 BST with remarks from BoE Governor Andrew Bailey. After a finely balanced MPC vote last week, markets will be looking for clarity on whether the Bank is edging closer to rate cuts or maintaining its restrictive stance into year-end. GBP could be sensitive to any policy hints.
Global Flash PMIs (Sep 23)
Tuesday delivers a wave of flash PMIs across the Eurozone, UK, and U.S. The Eurozone numbers start at 07:30 BST, with manufacturing still flirting with contraction and services struggling to hold above 50. The UK releases its S&P Global PMIs at 08:30 BST, expected to show resilience in services. Later at 13:45 BST, U.S. PMIs round out the session. Together, these will provide the first big read on September’s global growth momentum.
Central Bank Speeches – Powell & Macklem (Sep 23)
Fed Chair Jerome Powell speaks at 16:35 BST, with markets watching closely after the Fed left rates unchanged last week but signaled only gradual easing. Any fresh comments on inflation risks could shake USD. Just two hours later, BoC Governor Macklem speaks, giving CAD traders another policy cue following Canada’s inflation update earlier in the month.
Australia Monthly CPI (Sep 24)
Wednesday at 01:30 BST, Australia prints its August CPI. Inflation accelerated to 2.8% previously, and another strong figure could challenge the RBA’s cautious tone, supporting AUD.
Swiss National Bank Decision (Sep 25)
Thursday at 07:30 BST, the SNB announces its policy rate, currently at 0%. While no change is expected, the press conference at 08:00 BST will be key for forward guidance, particularly as Swiss inflation remains subdued.
U.S. GDP – Q2 Final (Sep 25)
At 12:30 BST Thursday, the U.S. releases its final estimate of Q2 GDP, last at 3.3% annualised. Revisions are unlikely to shift the Fed’s outlook but could affect sentiment if sharply different.
Tokyo CPI – September (Sep 25)
Late Thursday at 23:30 BST, Tokyo CPI lands. With nationwide CPI still elevated, these prints are seen as a leading indicator for Japan’s inflation path and BoJ policy.
U.S. Core PCE – August (Sep 26)
Friday at 12:30 BST, the U.S. publishes Core PCE, the Fed’s preferred inflation gauge. Consensus is 0.3% MoM and 2.9% YoY. With the Fed watching closely, even a minor surprise could shift policy expectations and drive volatility in USD, yields, and equities.
📊 Other Notable Releases
– Eurozone PMIs (Sep 23, 07:30–08:00 BST)
– SNB Monetary Policy Assessment (Sep 25)
🧠 Big Picture
This week is a central-bank-and-data mix: flash PMIs will test the growth pulse, central bankers Bailey, Powell, and Macklem provide policy tone, and inflation remains in focus via Australia’s CPI, Tokyo CPI, and U.S. Core PCE. With the SNB also in play, markets face a dense cluster of catalysts capable of reshaping positioning across USD, GBP, CHF, and JPY into quarter-end.