MNI EUROPEAN MARKETS ANALYSIS: CB Decisions Coming Up

• US President Trump delivered an address to the nation, highlighting policy achievements from the past year. He added the new Fed Chair (who he stated will be announced soon) is a believer in lower interest rates.
• The bias has been for lower US Tsy yields so far today, while the USD is mixed against the G10 but little changed in index terms.
• NZ Q3 GDP was above market and RBNZ forecasts but downward revisions to history points to growth improving from a low base.
• Looking ahead, interest rate decisions from the Riksbank, Norges Bank, BOE and ECB highlight the docket later, alongside the eagerly awaited release of US CPI.

MARKETS

US TSYS: Yields Lower as Equities Struggle

US bond futures were all up marginally today, as equity markets continue to struggle across Asia today.  The US 10-Yr is up +02+ at 112-18+, near to the topside resistance from the 20-day EMA of 112-19+.

Cash is strong with the curve lower by up to -1.7bps, with the front end outperforming.  

• The 2-Yr is down -1.7bps to 3.468%
• The 5-Yr is down -1.6bps to 3.684%
• The 10-Yr is down -1.2bps to 4.143%
• The 30-Yr is down -0.8bps to 4.82%

Our compilation of sell-side analyst expectations for Thursday's CPI report uses a narrower range of previews - namely, those that included core CPI forecasts to two decimal places or more for the 2-month or Oct and Nov % M/M changes. Within a range of 0.18-0.29% for average core CPI % M/M over October and November, Barclays is at the high end of expectations while NatWest is at the low end. A few summaries below:

• Barclays: Core CPI to average 0.29% M/M across Oct-Nov (two-month cumulative increase of 0.58%), with headline averaging 0.26% M/M (two-month cumulative of 0.52% M/M). "We expect the uptick to be led mainly by core goods prices (led by used car prices rebounding).  We estimate services inflation to have also gathered steam, partly led by a rebound in OER CPI following the downside surprise in September."
• Nomura: Core CPI to average 0.245% M/M across Oct-Nov (0.228% Oct, 0.263% Nov); headline 0.24%. "We expect core goods inflation remained strong due to tariff effects as well as higher used vehicle prices.
• Goldman Sachs: Core CPI to average 0.21% M/M across Oct-Nov (0.16% Nov, 0.25% Oct), headline CPI to average 0.20% M/M across Oct-Nov (0.27% Nov, 0.14% Oct). "we have penciled in upward pressure from tariffs on goods categories that are particularly exposed worth +0.08pp on core inflation on average across October and November"
• NatWest: Core CPI to average 0.18% M/M across Oct-Nov (cumulative 0.35%), headline CPI to average 0.20% M/M across Oct-Nov (cumulative 0.40%)."we suspect it will be extremely challenging to try to draw many firm conclusions on this release."

Tonight there is a US$80bn 4-week bill and the US$80bn 8-week bill.

JGBS: Futures Drift Higher, 10yr Yield Off Highs, BoJ & National CPI Tomorrow

JGB futures have maintained a positive bias post the lunchtime break, last 133.36, +.13 versus settlement levels. This has been the tone as well in US Tsy futures and Aussie bond futures as well. For JGB futures we still have a gap to close with highs from late last week just above 133.70. JGB yields sit off earlier highs. 

• News flow has been light with just weekly investment flows data on tap today. Cabinet Secretary Kihara stated that monetary policy should be left to the BoJ (in line with other government officials), while noting that market moves, including long term rates, are being watched closely (via RTRS).
• The 10yr JGB yield is back closer to 1.97% (earlier cycle highs were close to 1.985%), while the 20 and 40yr tenors are back closer to flat. The 30yr is still holding up a bps, last 3.37%.  
• Market pricing for tomorrow's BoJ meeting outcome has an implied rate of 0.72% (versus an effective rate of 0.478%), so close to fully priced. Another full 25bps hike is priced for Sep next year.
• We get the National CPI print for Nov ahead of the BoJ tomorrow. The market expects headline at 2.9%y/y, while the core measures are seen at 3.0%. 

JAPAN DATA: Offshore Investors Buy Local Debt, Local Investors Outflows Mixed

Last week local investors purchased offshore bonds for the second straight week. Aggregate purchases are fairly modest though and if we look back to cumulative sums for the past few months, we are close to flat since the beginning of Oct. This fits with a broadly flat trend for global bond returns over this period. In the equity space, local investors remained modest net sellers of global stocks. This doesn't reverse the trend of net buying for this since mid November though. For Q4 to date, net selling has still been evident to the tune of nearly ¥2.4trln.

• In terms of offshore inflows into Japan asset, we saw strong buying of local bonds. This brings net inflows into this space over the past month to just over ¥2.7trln. This comes ahead of an expected BoJ rate hike tomorrow, while longer dated yields sit just off recent cycle highs.
• Offshore investors continued to buy local stocks, adding to holdings for the third straight week. 

Table 1: Japan Weekly Offshore Investment Flows 

Source: Bloomberg Finance L.P./MNI 

AUSSIE BONDS: Yields Lower, AOFM Cuts Issuance Forecast, Inflation Exps Firm

Aussie bond futures have had a positive bias so far today, with the 3yr (YM) outperforming, last +4bps to 95.835. The 10yr was last up a touch to 95.20. The bias elsewhere in Asia Pac bond futures has mostly been positive, while US Tsy futures have also ticked up. The AOFM announced a A$25bn reduction in planned issuance for the 2025-26 financial year (which comes after the mid fiscal year update from the government). ACGB yields are lower led by the front end, off around 3.5bps. The 3yr last at 4.085%, while the 10yr is tracking just under 4.74%. 

• The AOFM lowered its estimate for 2025-2026 bond issuance to A$125bn, from A$150bn (with this estimate made back in the middle of this year). Note CBA had stated markets expected around A$130bn in issuance (via BBG). While, via BBG, "Australia’s debt manager is likely to keep its A$2 billion weekly bond issuance run rate to meet its updated financing target, according to National Australia Bank."
• The 3yr yield remains close to the mid point of recent ranges, likewise for the 10yr. The 3/10s curve is at +65bps, slightly steeper, while the AU-US 10yr spread is a touch higher at +60bps.
• On the data front, the Melbourne Institute inflation gauge rose to 4.7% in Dec, from 4.5% prior. This below 2025 highs of 5.0%, but well up on the trough of 3.6%.
• Market pricing for a full hike at the Feb meeting remains a little over 30%.
• Tomorrow we get Nov private credit data. 

NEW ZEALAND: Q3 GDP Beats Mkt & RBNZ Forecasts, But Q2 Revised Lower

Q3 GDP rose 1.1%q/q, above the market consensus of 0.9% and well above the RBNZ forecast of 0.4%q/q. In y/y terms growth was also stronger at 1.3%, but this was in line with the consensus estimate. Q2 growth was revised lower though to a contraction of -1.0%q/q, versus the original estimate of -0.9%. The y/y outcome was revised to -1.1% from -0.6% originally reported for Q2. The lower base we are coming from is likely tempering market reaction to the Q3 GDP beat (NZD/USD couldn't sustain post data print gains above 0.5780). The chart below plots GDP growth trends in q/q (the white line) and y/y (orange line) terms.

• Stats NZ noted on the expenditure side: "Exports were up 3.3 percent, with increases in travel services, dairy, and other services, including insurance. Gross fixed capital formation, up 3.2 percent, also contributed to the rise in expenditure GDP. Household consumption expenditure rose 0.1 percent this quarter. Expenditure on durables rose 2.0 percent, while expenditure on services fell 0.1 percent and non-durables fell 0.2 percent."
• On the industry side, Stats NZ: "“The 1.1 percent rise in economic activity in the September 2025 quarter was broad-based, with increases in 14 out of 16 industries. This is in contrast to the June 2025 quarter, when GDP decreased in 10 industries.” 

Fig 1: NZ GDP - Q/Q & Y/Y  

Source: Bloomberg Finance L.P./MNI 

BONDS: NZGB Yields Hold Weaker Bias, Despite Q3 GDP Beat, Recent Ranges Holding

NZGB yields are holding lower, despite the earlier Q3 NZ GDP beat. We are around 1-2.5bps lower across the benchmarks, led by the back end. The 2yr last near 2.71% (off a little over 1bps), while the 10yr is close to 4.42%, (off around 2.5bps). These moves leave us still within recent ranges, with Dec lows for the 2yr just under 2.70%, while the 10yr is comfortably above levels from the start of the month (near 4.25%). The lead for NZGB yields has been negative from softer US Tsy yields and lower Aussie bond yields as well so far today. 

• Earlier we had Q3 GDP, which rose 1.1%q/q (against a market forecast of 0.9% and the RBNZ projection of 0.4%). Y/Y growth also improved to 1.3%, from a revised -1.1%y/y Q2 fall. The downside Q2 revisions, likely tempered the market reaction today, with the RBNZ still likely to be mindful of the low base growth is coming from. Q3 consumption also only rose modestly.
• The 2yr swap rate is holding 2bps lower, last just under 2.74%, but still largely range bound.
• Market pricing in terms of the RBNZ outlook, has little easing risks for the first part of next year, while a full hike is priced by the Oct meeting.
• Note tomorrow, we get Dec ANZ consumer confidence figures, Nov trade data, as well as ANZ business confidence figures.  

FOREX: USD - BBDXY Tries To Bounce As Risk Turns Lower

The BBDXY has had a range today of 1206.93 - 1207.87 in the Asia-Pac session; it is currently trading around {BBDXY Index}. The USD has started to react to the risk off backdrop eventually and climbed back toward 1209 overnight before stalling again. On the day I still have very little conviction on direction, look for initial resistance again back towards the 1209-1210 area and above here the more important 1213-1216 area where sellers should remerge initially. Can this 1204 area continue to provide support if not a move below here would target 1198-1200.

• EUR/USD -  Asian range 1.1735-1.1746, Asia is currently trading {EURUSD Curncy}. The pair found good demand back toward 1.1700 overnight and has largely shrugged off worries surrounding risk. On the day, support remains toward 1.1680-1700 initially, a break below here could potentially signal a deeper pullback.
• GBP/USD - Asian range 1.3362-1.3381, Asia is currently dealing around {GBPUSD Curncy}. The pair has again rejected a move toward 1.3450 and is starting to show the first signs of exhaustion. On the day, continue to watch for selling pressure above 1.3400, if this area continues to hold, look for a pullback to the more important 1.3250/1.3300 area. I continue to watch for signs of GBP potentially topping out, are we seeing the first signs ?
• Cross asset : SPX +0.05%, Gold $4330, US 10-Year 4.14%, BBDXY 1207, Crude Oil $56.34
• Data/Events : EZ Construction Output/ECB Deposit Facility Rate, France Manufacturing Confidence

Fig 1: GBP/USD Spot Weekly Chart

Source: MNI - Market News/Bloomberg Finance L.P

JPY: USD/JPY - Consolidates On A 155 Handle Ahead Of BOJ

The USD/JPY range today has been 155.43 - 155.81 in the Asia-Pac session, it is currently trading around {USDJPY Curncy}. The support around 154.50 proved to be rock solid again yesterday and price then bounced working through the resistance around 155.30 before extending higher aided by the move in oil. The way risk sentiment is quickly souring I am surprised the Yen is trading so weak, especially in the crosses. The market is pricing in a hike by the BOJ tomorrow, for the time being this is keeping the JPY contained and confined to a wider 154.00-157.00 range having capped its upward momentum. Technically USD/JPY is in an uptrend, the first big support is back toward the 152.50-154.50 area. On the day, look for resistance back toward the 156.00-156.30 area initially, support is seen back toward 155.15-45 where demand was seen initially in our session. 

• Options : Close significant option expiries for NY cut, based on DTCC data: 157.00($4.15b), 158.00($4.98b). Upcoming Close Strikes : 153.00($2.83b Dec 19), 155.00($2.18b Dec 19), 158.00($1.85b Dec 19) - BBG.
• The USD/JPY Average True Range(ATR) for the last 10 Trading days: 105 Points

Fig 1 : USD/JPY Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

AUD/USD - Trades Heavy Around 0.6600 As Risk Wobbles

The AUD/USD has had a range today of 0.6593 - 0.6612 in the Asia- Pac session, it is currently trading around {AUDUSD Curncy}. The bounce in AI lasted 1 day and is lower again, the move is starting to turn ugly as sentiment is quickly changing. The NASDAQ and the S&P both look to potentially be putting in double tops and the likes of Nvidia is approaching some pivotal levels as well. This does not augur well for risk and creates significant headwinds for the AUD which trades with a high correlation to it. The AUD price action for the moment remains consolidative, but I do remain wary of what seems to be unfolding in US stocks. Technically while the AUD remains above 0.6500-0.6550 dips should continue to be supported. Watch to see if this 0.6600 area can continue to hold in the face of this souring in sentiment, if not we could see a deeper pullback towards the 0.6500-50 support. On the day I suspect sellers would be looking to fade a bounce back toward the 0.6625-0.6645 area initially looking to see if we can break back below 0.6590-0.6600.

• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6550(AUD1.07b), 0.6625(AUD849m), 0.6675(AUD989m). Upcoming Close Strikes : 0.6675(AUD1.31b Dec 19), 0.6700(AUD1.57b Dec 19) - BBG
• The AUD/USD Average True Range for the last 10 Trading days: 40 Points

Fig 1: AUD/USD spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

NZD/USD - Drifts Lower, Playing Catch Up To The Move In Risk

The NZD/USD had a range today of 0.5755-0.5778 in the Asia-Pac session, it is currently trading around {NZD Curncy}. The NZD traded a little lower in our session, unable to move higher on a better GDP print. The AI backdrop is starting to sour as sentiment is quickly changing. The NASDAQ and the S&P both look to potentially be putting in double tops and the likes of Nvidia is approaching some pivotal levels as well. This does not augur well for risk and creates significant headwinds for the AUD & NZD which trade with a high correlation to it. The NZD is consolidating its gains above 0.5700-0.5750 and for the most part has been left unscathed by the souring of sentiment. Can it continue to ignore it if the correction builds momentum? On the day, I will be watching the price to see if it can shrug this off, if so then the range will remain, support is back toward 0.5740-0.5760 and resistance is around 0.5810-30. A break through that support could signal the potential for a deeper pullback. 

• MNI BRIEF: NZ Q3 GDP Beats Expectations, Up 1.1% Q/Q. New Zealand’s economy grew 1.1% quarter on quarter in Q3, rebounding from Q2’s revised 1.0% contraction and exceeding the market forecast of a 0.9% increase. The outcome was also stronger than the Reserve Bank of New Zealand’s most recent forecast, which had expected GDP to rise 0.4%.
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.5650(NZD410m), 0.5690(NZD531m), 0.5860(NZD471m). Upcoming Close Strikes : 0.5530(NZD475m Dec 23), 0.5630(NZD594m Dec 19), 0.5750(NZD459m Dec 19) - BBG
• The NZD/USD Average True Range for the last 10 Trading days: 40 Points

Fig 1: NZD/USD Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

ASIA STOCKS: Overnight Tech Falls Drag Asian Bourses Lower

Falls in US tech stocks overnight spilled over into Asia today with key AI tech names falling, dragging down key indexes.  Japanese stocks had the dual pressure of an expected interest rate hike tomorrow from the BOJ and downward pressure from tech stocks, with key tech stock Softbank Group down -3.3%.  The tech weakness spilled over into Korea with Samsung down -1.3% and SK Hynix down -5%.  AI remains a major long-term structural theme for Asian tech manufacturers and is a key driver of performance, especially in the semiconductor sector but given the run up in stocks year to date, a correction was increasingly likely.   Asia's equity markets and capital flows are impacted by US monetary policy and as such, eyes will be on the CPI release for November tonight.  

• The NIKKEI is down -0.85% today and down over 3% for the week, whilst the KOSPI is down -1.3% and nearly 3% for the week as tech stocks struggle.  
• China's bourses are mixed with the Hang Seng down -0.44%, CSI 300 down -056%, Shenzhen down -0.17% whilst the Shanghai Comp is up +0.16% as tech firms buck regional trends with modest gains.
• The NIFTY 50 is up modestly, though down for the week as foreign institutional investors continue to sell as valuations near 5-year peaks.  The NIFTY 50 at 25,832  is near the 50-day EMA of 25,767 as downside resistance, with topside resistance from the 20-day EMA at 25,932.
• SE Asia's bourse seemingly have their focus on the US data release with Jakarta and KL near flat, whilst the SE Thai is down -0.20%.  

Oil Moderates with Limited New Venezuela Headlines

• After gains of over 2% yesterday, WTI has given some of those gains back in the Asia trading session.  As US President Trump called a press conference from the White House, many expected new announcements on Venezuela and with them not forthcoming, WTI is down -0.28% at US$56.35 bbl.
• Brent is down -1.04% at US$60.06 bbl as it attempts to break back below US$60 bbl having closed below Tuesday.  
• Yesterday US President Trump announced a blockade of Venezuela's sanctioned oil flows stating that "Venezuela is completely surrounded by the largest (US) armada ever assembled in the history of South America."
• The rise in prices may be a short term issue as the Venezuelan oil supply is tiny in the context of global oil supply and with supply factors driving prices lower, they will likely reassert themselves in coming days.
• There are also suggestions now that the US is considering targeting Russian President Putin's shadow fleet of oil tankers should the Kremlin not accept a peace deal to end the conflict in Ukraine. This comes as BBG reports a fleet of tankers laden with Russia's oil has expanded of China's east coast following the decline in purchases from India.
• EIA data released overnight shows that US crude inventories declined to 424 million barrels, the second consecutive week of nationwide declines. That drop in stockpiles was partly offset by 249,000 barrels injected into the Strategic Petroleum Reserve. Inventories at Cushing, Oklahoma, declined to 20.9 million barrels, the fifth draw on stocks at the hub in six weeks.(per BBG)

Gold Moderates Despite Equity Weakness, Remains Overbought

• Gold is down moderately today, despite equities remaining under pressure across Asia.  
• As markets position ahead of the US CPI Thursday, gold is down -0.19% at US$4,330.17.   
• Gold remains above 70 on the 14-day relative strength index, indicating that it is overbought.  
• Gold has gained +2.3% in December month to date as equities weaken and Central Banks continue to add to their gold reserves.  

INDONESIA: BI on Hold, Adds Incentive for Banks to Pass on Rate Cuts

• Bank Indonesia maintained rates overnight for the third successive holds and allaying fears of yet another "BI Surprise."
• The benchmark BI Rate remains at 4.75%, its lowest level since late 2022. The Deposit Facility rate was maintained at 3.75% and the Lending Facility rate at 5.50%.
• The decision was primarily driven by the need to stabilize the rupiah exchange rate against the US dollar amid high global economic uncertainty.  USDIDR has traded in a range of 16,550 - 16,750 over the last two months
• In a reminder to the banks, Governor Warjiyo noted that while BI cut rates five times (totaling 125 bps) earlier in 2025, commercial bank loan rates have only decreased by an average of 24 bps, suggesting the transmission mechanism needs more time to adjust.  Banks that have reported over the last two months have recorded profit growth of between 5-10% YoY
• To accelerate the passing of rate cuts to the real economy, BI tweaked its macroprudential policies. Effective immediately, banks that more aggressively reduce their lending rates will be eligible for further reductions in their required reserves.
• The BI's economic forecasts didn't see any major revisions with GDP Growth: Projected at 4.7%–5.5% for 2025 and 4.9%–5.7% for 2026 whilst Inflation is expected to remain low within the target range of 2.5% ± 1% for 2025 and 2026.
• The central bank remains open to further rate cuts in 2026, depending on rupiah stability, inflation trends, and the need to support domestic demand as export growth faces global headwind

THAILAND: Further BoT Cuts Possible, Market Has Close To One Further Cut Priced

As widely expected the Bank of Thailand cut rates by 25bps late yesterday, taking the policy rate to 1.25%. This is lows in the policy rate back to the start of 2023. Back then we did see rates get as low as 0.50%, as rthe economy grappled with the Covid pandemic. Headlines from the BoT Governor have crossed a short while ago and the central bank is keeping the door ajar for further easing, although the governor stresses that monetary policy space is limited. Market pricing in terms of the 1yr outlook has an implied rate of close to 1.06%, so close to another full 25bps easing priced in (from there onwards the market implied curve steepens). 

• The BoT Governor also noted that low growth is the new normal for Thailand and efforts need to be made to boost loans and investment (via RTRS).
• The chart below plots the long term trends of the policy rate and Thailand GDP y/y growth, note that the policy rate is the white line and inverted on the chart. Easings undertaken to date haven't aided the growth backdrop, although lags can clearly be a factor. Still, the consensus forecast for Thailand GDP growth next year is 1.8%, versus and expected +2.1% for 2025.
• Generally depressed local confidence levels, uncertainty around external demand, stronger baht levels etc, remain headwinds from a growth standpoint.
• We also have an election to be held on Feb 8 next year, which may also keep some business activity on the sidelines as the election outcome is awaited. 

Fig 1: Thailand GDP Y/Y & BoT Policy Rate (Inverted) 

Source: Bloomberg Finance L.P./MNI 

ASIA FX: Mixed SEA FX Trends, USD/THB Near Lows Despite BoT Rhetoric

In South East Asia FX, trends have been mixed, with THB and PHP edging higher, while IDR and SGD have lost ground. For USD/INR we have started today's session quieter than yesterday (when USD/INR plunged on RBI led intervention), with USD/INR spot near 90.20 currently, off around 0.20% on end Wednesday levels (lows from yesterday were just under 90.10). 

• THB remains in focus as the BoT and authorities continue to argue for a weaker currency and look to break the link between gold gains and THB. Still, USD/THD remains wedged under 31.45 at this stage, which is still close to recent multi year lows (31.41). The BoT Governor stated that low growth is the new norm for Thailand and while further easing can be provided the central bank is mindful of limited policy space.
• USD/PHP is comfortably back under 59.00 as year end approaches. We were last 58.60/65, up around 0.20% in PHP terms so far today. We are currently around the 50-day EMA support point. Earlier in Dec we got under this support level (hitting lows of 58.365), but the dip wasn't sustained. Better seasonal due to remittance inflows ahead of year end may be in play for recent PHP gains.
• USD/IDR spot has rise a little last back above 16720. This is fresh highs back to late Nov. Weaker global equity market sentiment is a likely headwind, while USD demand may also be coming in ahead of year end. All key EMAs are trending higher. Yesterday the BI kept rates on hold. The decision was primarily driven by the need to stabilize the rupiah exchange rate against the US dollar amid high global economic uncertainty.
• USD/MYR maintains a downside bias, last under 4.0870, but is down a touch so far today. The pair is also oversold per RSI (14). 

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
18/12/2025	0745/0845	**	FR	Manufacturing Sentiment
18/12/2025	0830/0930	***	SE	Riksbank Interest Rate Decison
18/12/2025	0900/1000	***	NO	Norges Bank Rate Decision
18/12/2025	1000/1100	**	EU	EZ Construction Output
18/12/2025	1200/1200	***	GB	Bank Of England Interest Rate
18/12/2025	1200/1200	***	GB	Bank Of England Interest Rate
18/12/2025	1315/1415	***	EU	ECB Deposit Rate
18/12/2025	1315/1415	***	EU	ECB Main Refi Rate
18/12/2025	1315/1415	***	EU	ECB Marginal Lending Rate
18/12/2025	1330/0830	***	US	Jobless Claims
18/12/2025	1330/0830	**	US	WASDE Weekly Import/Export
18/12/2025	1330/0830	*	CA	Payroll employment
18/12/2025	1330/0830	**	US	Philadelphia Fed Manufacturing Index
18/12/2025	1330/0830	***	US	CPI
18/12/2025	1330/0830	***	US	CPI
18/12/2025	1330/0830	***	US	CPI
18/12/2025	1330/0830	***	US	CPI
18/12/2025	1345/1445		EU	ECB Press Conference
18/12/2025	1445/1545		EU	ECB Staff Macroeconomic Projections
18/12/2025	1515/1615		EU	ECB Lagarde Presents Rate Decision on ECB Podcast
18/12/2025	1530/1030	**	US	Natural Gas Stocks
18/12/2025	1600/1100	**	US	Kansas City Fed Manufacturing Index
18/12/2025	1630/1130	**	US	US Bill 04 Week Treasury Auction Result
18/12/2025	1630/1130	*	US	US Bill 08 Week Treasury Auction Result
18/12/2025	1800/1300	**	US	US Treasury Auction Result for TIPS 5 Year Note
18/12/2025	1900/1400	***	MX	Mexico Interest Rate
18/12/2025	2100/1600	**	US	TICS
19/12/2025	2330/0830	***	JP	CPI
19/12/2025	0001/0001	**	GB	Gfk Monthly Consumer Confidence
19/12/2025	0300/1200	***	JP	BOJ Policy Rate Announcement
19/12/2025	0700/0700	***	GB	Public Sector Finances
19/12/2025	0700/0800	**	DE	PPI
19/12/2025	0700/0800	*	DE	GFK Consumer Climate
19/12/2025	0700/0800	**	SE	Retail Sales
19/12/2025	0700/0700	***	GB	Retail Sales
19/12/2025	0745/0845	**	FR	PPI
19/12/2025	0800/0900	**	SE	Economic Tendency Indicator
19/12/2025	0830/0930		EU	ECB Wage Tracker
19/12/2025	0900/1000	**	EU	EZ Current Account
19/12/2025	0900/1000	**	IT	ISTAT Consumer Confidence
19/12/2025	0900/1000	**	IT	ISTAT Business Confidence
19/12/2025	1100/1100	**	GB	CBI Distributive Trades
19/12/2025	1200/1300		EU	ECB Cipollone Remarks, Roundtable at Aspen Institute
19/12/2025	1200/1200		GB	BOE Market Participants Survey
19/12/2025	1330/0830	**	CA	Retail Trade