The Week Ahead: Key Economic Events to Watch for January 19 – 23, 2026

The week ahead is packed with high-impact economic events that could drive volatility across major currencies and global markets. Key inflation reports, employment data, GDP figures, central bank decisions, and flash PMI readings from the US, UK, Europe, and Asia will shape expectations for growth, interest rates, and monetary policy. Traders will also closely watch major corporate earnings releases, adding another layer of potential market movement.

High Impact Economic Events

Monday 15:30 (GMT+2) – Canada: CPI m/m (CAD)

Tuesday 09:00 am (GMT+2) – UK: Claimant Count Change (GBP)

Wednesday 09:00 am (GMT+2) – UK: CPI y/y (GBP)

Thursday 02:30 am (GMT+2) – Australia: Employment Change (AUD)

Thursday 15:30 (GMT+2) – USA: Core PCE Price Index m/m (USD)

Thursday 15:30 (GMT+2) – USA: Final GDP q/q (USD)

Friday Tentative – Japan: BOJ Policy Rate (JPY)

Friday 09:00 am (GMT+2) – UK: Retail Sales m/m (GBP)

Friday 10:30 am (GMT+2) – Germany: Flash Manufacturing PMI (EUR)

Friday 10:30 am (GMT+2) – Germany: Flash Services PMI (EUR)

Friday 11:30 am (GMT+2) – UK: Flash Manufacturing PMI (GBP)

Friday 11:30 am (GMT+2) – UK: Flash Services PMI (GBP)

Friday 16:45 (GMT+2) – USA: Flash Manufacturing PMI (USD)

Friday 16:45 (GMT+2) – USA: Flash Services PMI (USD)

Monday, January 19

15:30 – Canada: CPI m/m (CAD)

The Consumer Price Index (CPI) is a key measure of inflation, tracking changes in the prices of a fixed basket of goods and services over time. It covers eight major categories: food, shelter, household operations, clothing, transportation, health and personal care, recreation and education, and alcohol and tobacco.

Inflation remained steady in November, with the Consumer Price Index rising 2.2% from a year earlier, the same as in October. Price growth for services slowed due to cheaper travel and accommodation and slower rent increases. However, higher grocery prices and firmer gasoline costs pushed goods prices higher. Excluding gasoline, inflation held at 2.6% for the third straight month. On a monthly basis, prices rose slightly by 0.1%, or 0.2% after seasonal adjustment.

Economists expect the CPI to fall by 0.4% month over month in the next report.

Tuesday, January 20

09:00 am – UK: Claimant Count Change (GBP)

The Claimant Count Change reflects the change in the number of people claiming unemployment benefits during the given month.

An increase in the claimant count is a signal of weakness in the labor market and may have a negative impact on the GDP quotes.

UK labour market conditions weakened in late 2025, with payroll employment falling, unemployment rising to 5.1%, and vacancies edging slightly lower. The claimant count rose in the month but fell year on year to 1.683 million, while real wage growth remained modest.

Economists forecast the claimant count to rise by 18,800 in the next report.

Wednesday, January 21

09:00 am – UK: CPI y/y (GBP)

The Consumer Prices Index (CPI) rose by 3.2% in the 12 months to November 2025, easing from 3.6% in October. On a monthly basis, CPI fell by 0.2% in November 2025, compared with a 0.1% increase in the same month last year.

Market expectations point to a 3.3% year-on-year CPI increase in the next report.

Thursday, January 22

02:30 am – Australia: Employment Change (AUD)

The Australian Employment Change tracks the monthly variation in the number of officially employed individuals in the country. An increase in employment indicates a stronger labor market and can positively influence the value of the Australian dollar.

Australia’s labour market showed modest improvement in November 2025. The unemployment rate edged down to 4.3%, with the number of unemployed people falling slightly to about 666,000. Youth unemployment was unchanged at 10.0%.

Employment increased by 21,000 people, bringing total employment to nearly 14.7 million. Both full-time and part-time jobs rose, with full-time employment up by 9,000 and part-time employment up by 12,000. Around 31% of workers were employed part-time.

Economists expect the next report to show job gains of around 26,500.

15:30 – USA: Core PCE Price Index m/m (USD)

Personal Consumption Expenditures (PCE) measure the value of goods and services consumed by individuals and households. It’s a key indicator of consumer spending, which accounts for a large portion of economic activity in the US. The Federal Reserve uses the PCE price index as its preferred measure of inflation to guide monetary policy decisions, aiming to maintain price stability in the economy.

US core inflation rose slightly in September 2025, with the Core PCE Price Index increasing from 126.70 in August to a record high of 126.95. The index, which tracks underlying price pressures excluding food and energy, is now at its highest level since records began in 1959. The release was delayed by 34 days due to the US government shutdown, and there will be two reports issued simultaneously because last month’s data was not released.

Economists forecast a 0.2% monthly increase in core PCE inflation in the next report.

15:30 – USA: Final GDP q/q (USD)

The Gross Domestic Product q/q (GDP) represents the valuation of all goods and services produced in the United States in the current quarter compared to the previous one.

GDP growth may have a positive effect on the US dollar quotes.

The U.S. economy grew strongly in the third quarter of 2025, with GDP rising at an annual rate of 4.3%, up from 3.8% in the previous quarter. The growth was mainly driven by higher consumer spending, stronger exports, and increased government spending, while investment declined. The report was released later than usual due to the recent U.S. government shutdown, replacing the previously scheduled GDP estimates.

Economists anticipate a figure of 4.3% in the next report.

Friday, January 23

Tentative – Japan: BOJ Policy Rate (JPY)

The Bank of Japan’s interest rate decision is made 8 times a year. The regulator’s interest rate is used to provide loans to commercial banks. Establishing an interest rate is one of the main tools of the monetary policy used by the Bank of Japan to regulate the strength of its currency.

Interest rate growth can have a positive impact on yen quotes.

The Bank kept the uncollateralized overnight call rate at around 0.75 percent.

Economists anticipate no change at the next meeting.

09:00 am – UK: Retail Sales m/m (GBP)

Retail Sales m/mshow the changes in the value of retail goods sold in the UK for the given month compared to the previous one. The calculation uses season-adjusted data from British retailers.

The indicator is used in forecasting, budgeting, and in the development of the UK’s financial and economic policy. The retail sales growth can affect the British pound quotes positively.

Retail sales showed mixed results toward the end of 2025. Overall sales volumes rose by 0.6% over the three months to November, supported by strong demand at clothing, furniture, and technology stores. However, sales slipped slightly in November, falling 0.1% after a larger drop in October. Online sales weakened as demand for gold eased, while supermarket sales declined for the fourth month in a row.

Economists expect no change in the next report.

10:30 am – Germany: Flash Manufacturing PMI (EUR)

The Manufacturing Purchasing Managers’ Index (PMI) is an economic indicator that reflects the performance of the manufacturing sector. It is based on surveys of purchasing managers across key areas such as new orders, production, employment, supplier deliveries, and inventory levels. A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 signals contraction. The Manufacturing PMI is widely used to gauge the overall health of the manufacturing economy and to anticipate economic trends, influencing business decisions and policymaking.

Germany’s manufacturing sector weakened at the end of 2025. Factory output fell for the first time in ten months as demand declined, especially from exports. Companies cut jobs and reduced purchasing, while supply delays increased and input costs rose for the first time in nearly three years. Despite this, strong competition pushed prices lower. The Manufacturing PMI fell to 47.0, signaling contraction, although firms remain cautiously optimistic about 2026.

Economists expect the next report to show a slight increase to 47.6.

10:30 am – Germany: Flash Services PMI (EUR)

The Services Purchasing Managers’ Index (PMI) is an economic indicator that measures the performance of the services sector. It is based on surveys of business executives in industries such as finance, healthcare, retail, and other service-oriented areas. The index reflects changes in key variables such as new business, employment, prices, and output. A PMI reading above 50 indicates expansion in the services sector, while a reading below 50 signals contraction. It is a critical gauge for assessing economic health and guiding monetary policy decisions.

Germany’s services sector continued to grow in December, but at a slower pace. New business increased modestly, hiring rose slightly, and costs climbed faster, pushing prices higher. The Services PMI slipped to 52.7, still showing expansion, though business confidence fell to its lowest level since April due to economic and geopolitical concerns.

Economists anticipate growth to continue in the next report, with the PMI expected at 52.5.

11:30 am – UK: Flash Manufacturing PMI (GBP)

In December, UK manufacturing showed modest improvement. Output rose for a third straight month, and new orders increased for the first time in over a year. The Manufacturing PMI climbed to 50.6, a 15-month high, signaling mild growth, although higher costs and weak export demand continued to limit confidence.

Economists expect the PMI to remain at 50.6 in the next report.

11:30 am – UK: Flash Services PMI (GBP)

UK services activity grew slightly in December, with business activity rising for an eighth month. The Services PMI edged up to 51.4, showing only marginal growth. New orders improved, but higher costs, weak demand, and ongoing job cuts continued to weigh on the sector.

Economists expect the PMI to edge higher to 51.7 in the next report.

16:45- USA: Flash Manufacturing PMI (USD)

US manufacturing continued to grow in December, but at a slower pace. Output rose and hiring strengthened, while new orders fell for the first time in a year. The Manufacturing PMI slipped to 51.8, showing modest expansion, as tariffs kept costs high and export demand weak.

Economists expect the PMI to rise to 52.1 in the next report.

16:45 – USA: Flash Services PMI (USD)

US services activity continued to grow in December, but momentum slowed. The Services PMI fell to 52.5from November’s level, showing weaker demand and slower new business growth. Hiring stalled, while tariffs and higher labor costs pushed prices sharply higher and weighed on confidence.

Economists expect the Services PMI to rise to 52.8 in the next report.

Company Earnings (January 19 – 23)

Tuesday, January 20: NFLX (Netflix, Inc.)

Wednesday, January 21: JNJ (Johnson & Johnson)

Thursday, January 22: GE (GE Aerospace)

Thursday, January 22: INTC (Intel Corporation)

Conclusion

With inflation data, labor market figures, GDP updates, central bank decisions, and flash PMI releases all scheduled, the coming week is likely to bring heightened market volatility. Combined with major corporate earnings, these events will play a key role in shaping expectations for economic growth, inflation trends, and future monetary policy, making risk management and close market monitoring especially important for traders and investors.