The upcoming week (December 8–12, 2025) features a packed economic calendar with several high-impact events that are likely to drive significant volatility across global financial markets. Below are five key releases and decisions that market participants should prioritize due to their potential influence on currencies, equities, bonds, and commodities.
- U.S. November JOLTS Job Openings (December 9, 15:00 GMT)
Labor market tightness remains a key inflation driver. The JOLTS report, showing 7.332 million openings (vs. 7.227M expected), may reinforce the narrative of a resilient—but gradually cooling—job market. Stronger-than-expected data could delay expectations of Fed easing, boosting the USD and pressuring equities. - ECB President Lagarde Speech (December 10, 10:55 GMT)
With Eurozone inflation figures (CPI y/y at 2.3%–3.1%) still above the ECB’s 2% target, Christine Lagarde’s comments will shape EUR sentiment. Any hint of prolonged restrictive policy or concern about disinflation progress could strengthen the euro. Conversely, dovish signals may trigger EUR weakness. - Bank of Canada (BoC) Interest Rate Decision (December 10, 14:45 GMT)
The BoC is expected to hold rates at 2.25%, but the accompanying statement and updated forecasts matter. With Canadian inflation cooling and trade data weak (CAD trade deficit at –$4.383B), any dovish tilt could weigh on the loonie, especially against a firm USD.
- U.S. Federal Reserve Interest Rate Decision & FOMC Statement (December 10, 19:00 GMT)
The Federal Reserve’s decision on interest rates—widely expected to hold steady at 4.00%—will be closely watched not just for the rate itself, but for forward guidance in the FOMC statement and updated economic projections. Markets will scrutinize signals about the timing of future rate cuts or hikes, inflation expectations, and the Fed’s view on labor and growth. The subsequent press conference by Chair Jerome Powell will amplify market reactions. - U.S. Trade Balance & Crude Oil Inventory Data (December 11, 13:30 & 15:30 GMT)
The U.S. trade deficit widened sharply to –$103.544B (vs. –$59.55B prior), signaling weaker external demand or strong import growth—both potentially bearish for the USD long-term. Simultaneously, the EIA crude oil report showing a surprise build of +4.780M barrels (vs. +0.574M expected) could pressure oil prices and energy stocks, adding volatility to commodity-linked currencies like CAD and NOK. These five events encapsulate the core macro themes of the week: central bank policy divergence, labor market resilience, inflation dynamics, and global trade imbalances. Traders should prepare for sharp moves in FX pairs (especially USD crosses), U.S. Treasuries, and crude oil.
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