Date: 02-Jun-25, Mon, All Day Currency: NZD Importance: 3 Notes: New Zealand - Queen's Birthday. Expect reduced trading activity and liquidity in NZD currency pairs. Learn More: Legacy Reference

Date: 02-Jun-25, Mon, All Day Currency: CNY Importance: 3 Notes: China - Dragon Boat Festival. Expect reduced trading activity and liquidity in CNY currency pairs. Learn More: Legacy Reference

Date: 02-Jun-25, Mon, 19:15 IST Currency: USD Importance: 3 Forecast: 52.3 Previous: 50.2 Notes: The Manufacturing Purchasing Managers' Index (PMI) is a diffusion index incorporating survey results provided by manufacturing firms throughout the country. A reading above fifty suggests the manufacturing sector is expanding, while a reading below fifty suggests the manufacturing sector is in contraction. Policymakers and traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, rather than waiting for the hard data to emerge. While manufacturing accounts for a far smaller percentage of economic output than services, it is far more cyclical and is therefore a useful indicator of where in the economic cycle the economy is currently situated. A reading that is stronger than forecast is generally supportive (bullish) for the USD while a weaker than forecast reading is generally negative (bearish) for the USD. Learn More: USDJPY EURUSD

Date: 02-Jun-25, Mon, 19:30 IST Currency: USD Importance: 3 Forecast: 49.3 Previous: 48.7 Notes: The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies across the United States. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers Inventories, Employment, and Prices), a diffusion index is calculated by adding the percent of positive responses plus one-half of those responding the same (considered positive). The resulting single index number is then seasonally adjusted. The PMI is a composite index based on the seasonally adjusted diffusion indices for five of the indicators with differing weights: New Orders --30% Production --25% Employment --20% Supplier Deliveries --15% and Inventories -- 10%. A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD. Learn More: USDJPY EURUSD

Date: 02-Jun-25, Mon, 19:30 IST Currency: USD Importance: 3 Forecast: 70.2 Previous: 69.8 Notes: The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) Report on Business is based on data compiled from monthly replies to questions asked of purchasing and supply executives in over 400 industrial companies. For each of the indicators measured (New Orders, Backlog of Orders, New Export Orders, Imports, Production, Supplier Deliveries, Inventories, Customers Inventories, Employment, and Prices), this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction and the diffusion index. Responses are raw data and are never changed. The diffusion index includes the percent of positive responses plus one-half of those responding the same (considered positive). The resulting single index number is then seasonally adjusted to allow for the effects of repetitive intra-year variations resulting primarily from normal differences in weather conditions, various institutional arrangements, and differences attributable to non-moveable holidays. All seasonal adjustment factors are supplied by the U.S. Department of Commerce and are subject annually to relatively minor changes when conditions warrant them. The PMI is a composite index based on the seasonally adjusted diffusion indices for five of the indicators with varying weights: New Orders --30% Production --25% Employment --20% Supplier Deliveries --15% and Inventories -- 10%. The Prices Paid subcategory is a diffusion index calculated by adding the percent of responses indicating they paid more for inputs plus one-half of those responding that they paid the same for inputs. The resulting single index number is then seasonally adjusted. The Prices Paid diffusion index is one of a number of indicators pointing to the degree of inflationary pressures in the economy. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Learn More: USDJPY EURUSD

Date: 02-Jun-25, Mon, 22:30 IST Currency: USD Importance: 3 Notes: Federal Reserve Chair Jerome Powell (Feb. 2018 – Feb. 2026) is to speak. As head of the Fed, which controls short term interest rates, he has more influence over the U.S. dollar's value than any other person. Traders closely watch his speeches as they are often used to drop hints regarding future monetary policy. Learn More: USDJPY EURUSD

Date: 03-Jun-25, Tue, All Day Currency: KRW Importance: 3 Notes: South Korea - Presidential election day. Expect reduced trading activity and liquidity in KRW currency pairs. Learn More: Legacy Reference

Date: 03-Jun-25, Tue, 14:30 IST Currency: EUR Importance: 3 Forecast: 2.0% Previous: 2.2% Notes: The Consumer Price Index (CPI) measures the change in the prices of goods and services contained in a basket of consumer items. The Central bank pays very close attention to this figure in its role of maintaining price stability. A reading that is stronger than forecast is generally supportive (bullish) for the EUR, while a weaker than forecast reading is generally negative (bearish) for the EUR. Learn More: EURJPY EURUSD

Date: 03-Jun-25, Tue, 19:30 IST Currency: USD Importance: 3 Forecast: 7.192M Previous: 7.192M Notes: A survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers about their businesses' employment, job openings, recruitment, hires and separations. JOLTS defines Job Openings as all positions that are open (not filled) on the last business day of the month. A job is "open" only if it meets all three of the following conditions: 1. A specific position exists and there is work available for that position. 2. The job could start within 30 days, whether or not the establishment finds a suitable candidate during that time. 3. There is active recruiting for workers from outside the establishment location that has the opening. A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD. Learn More: USDJPY EURUSD

Date: 04-Jun-25, Wed, 17:45 IST Currency: USD Importance: 3 Forecast: 110K Previous: 62K Notes: ADP performs payroll services for its clients. The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is used as a predictor of the government's Labour Market Report. A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD. Learn More: USDJPY EURUSD

Date: 04-Jun-25, Wed, 19:15 IST Currency: USD Importance: 3 Forecast: 52.3 Previous: 50.8 Notes: The Service PMI release is published monthly by Markit Economics. The data are based on surveys of over 400 executives in private sector service companies. The surveys cover transport and communication, financial intermediaries, business and personal services, computing & IT, hotels and restaurants. An index level of 50 denotes no change since the previous month, while a level above 50 signals an improvement, and below 50 indicates a deterioration. A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD. Learn More: USDJPY EURUSD

Date: 04-Jun-25, Wed, 19:15 IST Currency: CAD Importance: 3 Forecast: 2.50% Previous: 2.75% Notes: The Bank of Canada (BOC) publishes its decision on where to set the benchmark interest rate. As short term interest rates are an important determinant of currency valuation, traders watch interest rate changes closely. A reading that is stronger than forecast is generally supportive (bullish) for the CAD, while a weaker than forecast reading is generally negative (bearish) for the CAD. Learn More: CADJPY USDCAD

Date: 04-Jun-25, Wed, 19:30 IST Currency: USD Importance: 3 Forecast: 52.0 Previous: 51.6 Notes: The Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers' Index (PMI) (also known as the ISM Services PMI) report on Business, is based on data compiled from monthly replies to questions asked of more than 370 purchasing and supply executives in over 62 different industries. The NMI is a composite index based on the diffusion indexes for four of the indicators with equal weights: Business Activity (seasonally adjusted), New Orders (seasonally adjusted), Employment (seasonally adjusted) and Supplier Deliveries. A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding; below 50 percent indicates the non-manufacturing sector is generally contracting. Given the large proportion of the US economy engaged in the services sector, this report offers insights into the health of the overall US economy. A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD. Learn More: USDJPY EURUSD

Date: 04-Jun-25, Wed, 19:30 IST Currency: USD Importance: 3 Forecast: 65.1 Previous: 65.1 Notes: The Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers' Index (PMI) (also known as the ISM Services PMI) report on Business, is based on data compiled from monthly replies to questions asked of more than 370 purchasing and supply executives in over 62 different industries. The Prices Paid subcategory is a diffusion index calculated by adding the percent of responses indicating they paid more for inputs plus one-half of those responding that they paid the same for inputs. The resulting single index number is then seasonally adjusted. The Prices Paid diffusion index is one of a number of indicators pointing to the degree of inflationary pressures in the economy. A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD. Learn More: USDJPY EURUSD

Date: 04-Jun-25, Wed, 20:00 IST Currency: USD Importance: 3 Forecast: -2.795M Previous: -2.795M Notes: The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation. If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected. If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected. Learn More: USOILRoll

Date: 05-Jun-25, Thur, 17:45 IST Currency: EUR Importance: 3 Forecast: 2.00% Previous: 2.25% Notes: The European Central Bank (ECB) is widely expected to cut interest rates by 25 basis points, from 2.25% to 2.00%. With European inflation hovering near the 2% target, policymakers are in a favourable position to continue easing monetary policy, particularly amid sluggish economic growth in the eurozone. In line with this outlook, markets have already priced in two additional 25 basis point rate cuts later this year. A key factor that could influence ECB policy in the months ahead is the outcome of trade negotiations between the European Union and the United States. A successful trade agreement would reduce the need for further monetary easing, especially as European governments move to ramp up military spending. Notably, German lawmakers have taken initial steps toward passing a €500 billion bill to boost infrastructure and defence spending. This move is largely driven by growing security concerns following Russia’s invasion of Ukraine and former President Trump’s statements indicating the U.S. may no longer guarantee Europe’s defense. Learn More: EURJPY EURUSD

Date: 05-Jun-25, Thur, 17:45 IST Currency: EUR Importance: 3 Forecast: 2.15% Previous: 2.40% Notes: The European Central Bank publishes its decision on where to set the benchmark interest rate. As short term interest rates are an important determinant of currency valuation, traders watch interest rate changes closely. A reading that is stronger than forecast is generally supportive (bullish) for the EUR, while a weaker than forecast reading is generally negative (bearish) for the EUR. Learn More: EURJPY EURUSD

Date: 05-Jun-25, Thur, 18:00 IST Currency: USD Importance: 3 Forecast: 232K Previous: 240K Notes: Initial Jobless Claims measures the number of people who filed for unemployment insurance for the first time during the past week. This is the most timely U.S. economic data, but the market impact varies from week to week. A reading that is higher than forecast is generally negative (bearish) for the USD, while a lower than forecast reading is generally supportive (bullish) for the USD. Learn More: USDJPY EURUSD

Date: 05-Jun-25, Thur, 18:15 IST Currency: EUR Importance: 3 Notes: The European Central Bank (ECB) press conference is held monthly, about 45 minutes after the Minimum Bid Rate is announced. The conference is approximately an hour long and has two parts. Firstly, a prepared statement is read, then the conference is open to press questions. The press conference examines the factors which affected the ECB's interest rate decision and deals with the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy. High levels of volatility can frequently be observed during the press conference as press questions lead to unscripted answers. Learn More: EURJPY EURUSD

Date: 06-Jun-25, Fri, All Day Currency: KRW Importance: 3 Notes: South Korea - Memorial Day. Expect reduced trading activity and liquidity in KRW currency pairs. Learn More: Legacy Reference

Date: 06-Jun-25, Fri, All Day Currency: SGD Importance: 3 Notes: Singapore - Eid al-Adha. Expect reduced trading activity and liquidity in SGD currency pairs. Learn More: Legacy Reference

Date: 06-Jun-25, Fri, 18:00 IST Currency: USD Importance: 3 Forecast: 0.30% Previous: 0.20% Notes: Average Hourly Earnings measures the change in the amount of money businesses pay for labour, excluding the agricultural sector. Traders are also awaiting the release of the U.S. Non-Farm Payroll report for May later this week. The report will provide key data on the labor market, including job creation, the unemployment rate, and average hourly earnings. Labor market and inflation data remain among the most critical indicators guiding the Federal Reserve’s monetary policy. A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD. Learn More: USDJPY EURUSD

Date: 06-Jun-25, Fri, 18:00 IST Currency: USD Importance: 3 Forecast: 130K Previous: 177K Notes: Nonfarm Payrolls measures the change in the number of people employed during the prior month, excluding workers in the farming industry. Given that full employment is one of the Federal Reserves mandates, it is very closely watched. In May, the U.S. economy is expected to add just 130,000 jobs, down from 177,000 in April, while the unemployment rate is projected to hold steady at 4.2%. If the report beats expectations, the Fed may continue its “wait-and-see” approach, delaying any rate cuts until September to further evaluate the impact of tariffs. Depending on inflation and unemployment trends, the Fed could opt for a 25 or even 50 basis point rate cut at that time. However, if the data disappoints and unemployment rises, pressure will build for the Fed to act sooner, potentially implementing a 50-basis point cut in September or a 25 basis point cut as early as July. A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD. Learn More: USDJPY EURUSD

Date: 06-Jun-25, Fri, 18:00 IST Currency: USD Importance: 3 Forecast: 4.20% Previous: 4.20% Notes: The Unemployment Rate measures the percentage of the total work force that is not working, yet actively seeking employment. In May, the U.S. economy is expected to add just 130,000 jobs, down from 177,000 in April, while the unemployment rate is projected to hold steady at 4.2%. If the report beats expectations, the Fed may continue its “wait-and-see” approach, delaying any rate cuts until September to further evaluate the impact of tariffs. Depending on inflation and unemployment trends, the Fed could opt for a 25 or even 50 basis point rate cut at that time. However, if the data disappoints and unemployment rises, pressure will build for the Fed to act sooner, potentially implementing a 50-basis point cut in September or a 25 basis point cut as early as July. A reading that is higher than forecast is generally negative (bearish) for the USD, while a lower than forecast reading is generally supportive (bullish) for the USD. Learn More: USDJPY EURUSD

Date: 18-Jun-25, Wed, 23:30 IST Currency: USD Importance: 3 Forecast: 4.37% Previous: 4.36% Notes: The Federal Open Market Committee (FOMC) announces its decision on the target range for the federal funds rate. Market expectations (e.g., via CME FedWatch Tool) and the accompanying statement/press conference are crucial for determining market impact and future policy direction. Learn More: CME FedWatch Tool