🖐 Macro Watch | Nov 17 – 23, 2025

This week, the markets open with inflation data from the UK and Europe and peak with the US employment figures.
Here are the most crypto-relevant macro events to watch this week:

🗓 Wednesday, November 19
🇬🇧 UK CPI (YoY - Oct) – 🕕 07:00
  💡 Consensus: 3.6% | Previous: 3.8%
🇪🇺 Eurozone CPI (YoY - Oct) – 🕕 10:00
  💡 Consensus: 2.2% | Previous: 2.1%
🇺🇸 Crude Oil Inventories – 🕕 15:30
  💡 Previous: 6.413M
🇺🇸 FOMC Meeting Minutes – 🕕 19:00

🗓 Thursday, November 20
🇺🇸 Average Hourly Earnings (MoM - Sep) – 🕕 13:30
  💡 Previous: 0.3%
🇺🇸 Initial Jobless Claims – 🕕 13:30
  💡 Consensus: 223K | Previous: 218K
🇺🇸 Nonfarm Payrolls (Sep) – 🕕 13:30
  💡 Previous: 22K
🇺🇸 Philadelphia Fed Index (Nov) – 🕕 13:30
  💡 Consensus: -1.4 | Previous: -12.8
🇺🇸 Unemployment Rate (Sep) – 🕕 13:30
  💡 Previous: 4.3%
🇺🇸 Existing Home Sales (Oct) – 🕕 15:00
  💡 Consensus: 4.6M | Previous: 4.6M

🗓 Friday, November 21
🇺🇸 S&P Global Manufacturing PMI (Nov) – 🕕 14:45
  💡 Previous: 52.5%
🇺🇸 S&P Global Services PMI (Nov) – 🕕 14:45
  💡 Previous: 54.8

🤔 Why it matters:
The combination of U.K. and Eurozone inflation data, U.S. labor indicators, and the FOMC minutes makes this one of the most direction-setting weeks of the month. Markets will watch closely for any signals on whether policy tightening cycles are nearing an end.

👀 Watch Thursday’s NFP and earnings data, they’re this week’s key volatility drivers.

🔔 Mark your calendars. Markets are watching every word.

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