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Earnings
NOK: Norges Bank seen on hold at 4.00% – TD Securities
TD Securities expects Norges Bank to keep its policy rate unchanged at 4.00%, noting stubbornly sticky inflation and risks of re-acceleration after the Middle East crisis and energy price shock.
USD/NOK
Fxstreet
Wed, Mar 25
ECB: Hawkish shift with energy-driven inflation – ABN AMRO
ABN AMRO economists revise their Eurozone outlook after the Iran-related energy shock, expecting weaker growth but notably higher inflation. They now see the European Central Bank (ECB) hiking twice in Q2, front‑loading tightening to prevent second‑round effects.
Fxstreet
Wed, Mar 25
UK: Energy scenarios shape BoE outlook – ING
ING’s James Smith outlines scenarios for UK inflation, with current energy prices implying a brief 4% peak in autumn and ING’s base case of easing disruption pointing to a 3.5% peak in September.
Fxstreet
Wed, Mar 25
Germany: War risks darken Ifo outlook – Commerzbank
Commerzbank’s Chief Economist Dr. Jörg Krämer warns that the sharp March drop in the German Ifo Business Climate Index reflects rising war-related risks rather than current damage.
Fxstreet
Wed, Mar 25
BoE's Greene: There is a risk inflation expectations will rise
Bank of England Monetary Policy Committee member Megan Greene said on Wednesday that if their inflation forecasts are right, there is a risk inflation expectations will rise, per Reuters.
Fxstreet
Wed, Mar 25
Canada Employment Insurance Beneficiaries Change (MoM) declined to -1.9% in January from previous 0.4%
Canada Employment Insurance Beneficiaries Change (MoM) declined to -1.9% in January from previous 0.4%
Fxstreet
Wed, Mar 25
United States Import Price Index (YoY) increased to 1.3% in February from previous -0.1%
United States Import Price Index (YoY) increased to 1.3% in February from previous -0.1%
Fxstreet
Wed, Mar 25
United States Export Price Index (YoY): 3.5% (February) vs 2.6%
United States Export Price Index (YoY): 3.5% (February) vs 2.6%
Fxstreet
Wed, Mar 25
United States Current Account above expectations ($-211B) in 4Q: Actual ($-190.7B)
United States Current Account above expectations ($-211B) in 4Q: Actual ($-190.7B)
Fxstreet
Wed, Mar 25
United States Import Price Index (MoM) above expectations (0.5%) in February: Actual (1.3%)
United States Import Price Index (MoM) above expectations (0.5%) in February: Actual (1.3%)
Fxstreet
Wed, Mar 25
United States Export Price Index (MoM) registered at 1.5% above expectations (0.5%) in February
United States Export Price Index (MoM) registered at 1.5% above expectations (0.5%) in February
Fxstreet
Wed, Mar 25
BoC: Dovish stance versus market pricing – TD Securities
TD Securities strategist Andrew Kelvin notes that the Bank of Canada (BoC) is stressing downside risks to growth and appears willing to look through an energy-driven inflation shock.
Fxstreet
Wed, Mar 25
ECB: Divergent energy shock response scenarios – Nomura
Nomura analysts note that markets currently price around three rate hikes for the European Central Bank (ECB) by December 2026, implying a similar response to the Iran war energy shock as the Bank of England (BoE).
Fxstreet
Wed, Mar 25
Germany: Recovery prospects delayed – Deutsche Bank
Deutsche Bank economist Marc Schattenberg notes that the ifo Business Climate Index deteriorated in March as German businesses turned more pessimistic on expectations, while their assessment of current conditions was unchanged.
EUR/USD
Fxstreet
Wed, Mar 25
India M3 Money Supply dipped from previous 11.5% to 10.7% in March 2
India M3 Money Supply dipped from previous 11.5% to 10.7% in March 2
Fxstreet
Wed, Mar 25
United States MBA Mortgage Applications climbed from previous -10.9% to -10.5% in March 20
United States MBA Mortgage Applications climbed from previous -10.9% to -10.5% in March 20
Fxstreet
Wed, Mar 25
Pakistan delivered US proposal to Tehran – Reuters
Citing a source, who asked not to be named, Reuters reported on Wednesday that Pakistan has delivered the United States' proposal to Iran.
Fxstreet
Wed, Mar 25
ECB: Wait-and-see for second-round effects from energy shock – TD Securities
TD Securities notes that President Lagarde used the ECB and Its Watchers conference to outline how the Governing Council is assessing the Middle East conflict shock. The bank says the ECB is effectively playing for time, watching selling price expectations and wage trackers.
Fxstreet
Wed, Mar 25
BoE: War-driven inflation outlook reshapes rate path – Nomura
Nomura’s Global Markets Research team notes UK CPI inflation held at 3.0% year-on-year in February, matching Bank of England (BoE) forecasts. Services inflation stayed sticky, but core measures eased slightly.
GBP/USD
Fxstreet
Wed, Mar 25
Euro Area: Pmis Soften as Inflation Pressures Rise
Deutsche Bank analysts report that Euro Area activity is slowing, with the composite PMI dropping to a 10‑month low while still just above the 50 expansion threshold. They emphasize that survey details point to rising input prices, suggesting renewed inflation pressures.
EUR/USD
Fxstreet
Wed, Mar 25
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