Highlights of the week 

• Five major central banks headline the week. 
• US Core PCE and GDP are the main dollar tests. 
• Eurozone inflation and UK policy shape the European tone. 

What Now 

This is a policy heavy week, with central banks and inflation data driving the macro story. The main issue is whether policymakers stay cautious on inflation even as growth looks less secure. That matters because markets are still highly sensitive to energy, pricing pressure, and the timing of rate cuts. 

Tuesday starts with the BoJ and US consumer confidence. Confidence was last 91.8, so markets will watch whether the US consumer is still holding up. On its own, that may not be enough to move FX sharply, but it helps frame the tone going into the Fed. 

German CPI, US durable goods, the Bank of Canada, and then the Fed all arrive in one session on Wednesday. The Fed is expected to hold at 3.75%, but the real driver will be Powell’s tone. If the Fed stays focused on inflation, the dollar should remain supported, and rate cut expectations can stay pushed back. 

Thursday is the most important macro day. China PMI, German GDP, euro area CPI, the BoE, the ECB, and then US GDP and Core PCE all arrive within hours. Core PCE was last 3.0% yoy and 0.4% mom, while US GDP was just 0.5%. That creates the key tension for markets that is sticky inflation with slower growth. If inflation stays firm in both the US and Europe, markets are likely to keep favoring a higher for longer rates view. 

The broader bias still leans toward relative dollar support. Europe and the UK may struggle to outperform if inflation stays sticky while growth remains fragile. 

Market Events and Announcements (GMT+3) 

Monday, April 27, 2026 

• 10:00 – Germany (EUR) – GfK German Consumer Climate for May, previous -28.0 

Tuesday, April 28, 2026 

• 06:00 – Japan (JPY) – BoJ Interest Rate Decision, previous 0.75% 

• 17:00 – United States (USD) – CB Consumer Confidence for April, previous 91.8 

Wednesday, April 29, 2026 

• All Day – Japan (JPY) – Showa Day holiday 

• 15:00 – Germany (EUR) – German CPI MoM for April, previous 1.1% 

• 15:30 – United States (USD) – Durable Goods Orders MoM for March, previous minus 1.3% 

• 16:45 – Canada (CAD) – BoC Interest Rate Decision, previous 2.25% 

• 21:00 – United States (USD) – Fed Interest Rate Decision, previous 3.75% 

• 21:30 – United States (USD) – FOMC Press Conference 

Thursday, April 30, 2026 

• 04:30 – China (CNY) – Manufacturing PMI for April, previous 50.4 

• 11:00 – Germany (EUR) – German GDP QoQ for Q1, previous 0.3% 

• 12:00 – Eurozone (EUR) – CPI YoY for April, previous 2.6% 

• 14:00 – United Kingdom (GBP) – BoE Interest Rate Decision for April, previous 3.75% 

• 15:15 – Eurozone (EUR) – ECB Interest Rate Decision for April, previous 2.15% 

• 15:15 – Eurozone (EUR) – Deposit Facility Rate for April, previous 2.00% 

• 15:30 – United States (USD) – GDP QoQ for Q1, previous 0.5% 

• 15:30 – United States (USD) – Core PCE Price Index YoY for March, previous 3.0% 

• 15:30 – United States (USD) – Core PCE Price Index MoM for March, previous 0.4% 

• 16:45 – United States (USD) – Chicago PMI for April, previous 52.8 

Friday, May 1, 2026 

• All Day – China (CNY) – Labor Day holiday 

• All Day – Germany (EUR) – Labor Day holiday 

• 11:30 – United Kingdom (GBP) – Manufacturing PMI for April, previous 51.4 

• 16:45 – United States (USD) – S&P Global Manufacturing PMI for April, previous 52.3 

• 17:00 – United States (USD) – ISM Manufacturing PMI for April, previous 52.7