Highlights of the week 

• Thin liquidity starts the week. 

• Thursday is the main US macro cluster. 

• German inflation matters for EUR late week. 

What Now 

The week begins quietly, but the macro backdrop is not quiet at all. Tuesday’s US consumer confidence release should show whether households are still absorbing higher energy and financing costs. The key event is Thursday’s US cluster of Core PCE, GDP, durable goods, jobless claims, and new home sales.  

Wednesday’s RBNZ decision is the main policy event outside the US. The bank last held rates at 2.25 percent and previously signaled that recovery remained fragile, and policy could stay loose for some time. 

Friday then shifts focus to Germany. A firm CPI reading would reinforce Europe’s stagflation risk, while Chicago PMI will show whether US manufacturing is stabilizing or still under pressure. 

Market Events and Announcements (GMT+3) 

Monday, May 25, 2026 

• All Day – United Kingdom (GBP) – Spring Bank Holiday 

• All Day – United States (USD) – Memorial Day 

Tuesday, May 26, 2026 

• 17:00 – United States (USD) – CB Consumer Confidence for May, previous 92.8 

Wednesday, May 27, 2026 

• 05:00 – New Zealand (NZD) – RBNZ Interest Rate Decision, previous 2.25 percent 

Thursday, May 28, 2026 

• 15:30 – United States (USD) – Core PCE Price Index MoM for April, previous 0.3 percent 

• 15:30 – United States (USD) – Core PCE Price Index YoY for April, previous 3.2 percent 

• 15:30 – United States (USD) – GDP QoQ for Q1, previous 2.0 percent 

• 15:30 – United States (USD) – Durable Goods Orders MoM for April, previous 0.8 percent 

• 15:30 – United States (USD) – Initial Jobless Claims 

• 17:00 – United States (USD) – New Home Sales for April, previous 682 thousand 

Friday, May 29, 2026 

• 15:00 – Germany (EUR) – German CPI MoM for May, previous 0.6 percent 

• 16:45 – United States (USD) – Chicago PMI for May, previous 49.2