🖐 Macro Watch | Dec 1 – 7, 2025

A major U.S.-focused week with manufacturing and services PMIs, labor data, Powell’s speech, and the all-important PCE prints at the end of the week. Europe and Japan also deliver key inflation and growth signals.
Here are the most crypto-relevant macro events to watch this week:

🗓 Monday, December 1
🇺🇸 S&P Global Manufacturing PMI (Nov) – 🕕 14:45
  💡 Consensus: 51.9 | Previous: 52.5
🇺🇸 ISM Manufacturing PMI (Nov) – 🕕 15:00
  💡 Consensus: 49.0 | Previous: 48.7
🇺🇸 ISM Manufacturing Prices (Nov) – 🕕 15:00
  💡 Consensus: 59.5 | Previous: 58.0

🗓 Tuesday, December 2
🇺🇸 Fed Chair Powell Speaks – 🕕 01:00
🇪🇺 Eurozone CPI (YoY - Nov) – 🕕 10:00
  💡 Consensus: 2.1% | Previous: 2.1%
🇺🇸 JOLTS Job Openings (Sep) – 🕕 15:00
  💡 Previous: 7.227M

🗓 Wednesday, December 3
🇺🇸 ADP Nonfarm Employment Change (Nov) – 🕕 13:15
  💡 Consensus: 19K | Previous: 42K
🇺🇸 S&P Global Services PMI (Nov) – 🕕 14:45
  💡 Consensus: 55.0 | Previous: 55.0
🇺🇸 ISM Non-Manufacturing PMI (Nov) – 🕕 15:00
  💡 Consensus: 52.0 | Previous: 52.4
🇺🇸 ISM Non-Manufacturing Prices (Nov) – 🕕 15:00
  💡 Consensus: 70.0

🗓 Thursday, December 4
🇺🇸 Initial Jobless Claims – 🕕 13:30
  💡 Consensus: 220K | Previous: 216K

🗓 Friday, December 5
🇺🇸 Core PCE Price Index (MoM - Sep) – 🕕 15:00
  💡 Consensus: 0.2% | Previous: 0.2%
🇺🇸 Core PCE Price Index (YoY - Sep) – 🕕 15:00
  💡 Consensus: 2.9% | Previous: 2.9%

🗓 Sunday, December 7
🇯🇵 GDP (QoQ - Q3) – 🕕 23:50
  💡 Consensus: -0.4% | Previous: -0.4%

🤔 Why it matters:
All eyes are on U.S. labor data, Powell’s remarks, and Friday’s PCE, the Fed’s preferred inflation gauge. Stable or softer PCE could boost risk appetite, while sticky price pressures may reinforce a cautious policy outlook. Eurozone CPI and Japan’s GDP add important context on global inflation and growth trends.

👀 Powell’s Tuesday speech and Friday’s PCE are the week’s major volatility catalysts.

🔔 Mark your calendars. Markets are watching every word.

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