Highlights of the week 

• Inflation pressure remains the dominant macro driver. 
• US PPI is the key scheduled market mover. 
• Europe stays more exposed to the war driven energy shock. 

What Now 

The week ahead looks lighter on paper, but it still matters. PPI is the key event, and markets will read it through the war, oil, and rate path lens. Monday’s existing home sales are more of a background check on US demand. Housing is already under pressure from higher borrowing costs, so unless the number is weak enough to pull yields lower, FX is unlikely to care much. 

Tuesday’s US PPI is the real focus because it will show whether inflation pressure is still building beneath the surface. A firm print would reinforce the view that the war shock is spreading beyond oil into broader producer costs. That should keep front end yields firm, support the dollar, and leave risk assets under pressure. A softer print would help, but probably only briefly if oil stays high. 

Thursday brings the second test. Eurozone CPI will show whether Europe can contain inflation despite greater exposure to imported energy, while Philly Fed and jobless claims will tell us whether US activity and labor are still holding up. If they are, the dollar should keep its edge. 

The bigger picture is still the same. The dollar remains better supported than most of G10 because the US is in a stronger energy position and still attracts defensive flows. Europe and the UK remain more exposed to the oil shock, so unless the war premium fades clearly, inflation data will matter more than softer growth signals. 

Market Events and Announcements (GMT+3) 

Monday, April 13, 2026 

• 17:00 – United States (USD) – Existing Home Sales (Mar), previous 4.09M 

Tuesday, April 14, 2026 

• 15:30 – United States (USD) – PPI (MoM) (Mar), previous 0.7 percent 

Wednesday, April 15, 2026 

• No high impact event 

Thursday, April 16, 2026 

• 12:00 – Eurozone (EUR) – CPI (YoY) (Mar), previous 2.5 percent 

• 15:30 – United States (USD) – Philadelphia Fed Manufacturing Index (Apr), previous 18.1 

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

Friday, April 17, 2026 

• No high impact event