Highlights of the week 

• China data open the week with a growth and demand check. 
• UK inflation and FOMC minutes are the key midweek drivers. 
• PMIs, Japan CPI, and UK retail sales shape the late-week tone. 

What Now 

This week comes down to whether inflation still outweighs slower growth. 

Monday’s China data will test demand, with industrial production last at 5.7 percent and retail sales at 1.7 percent. Tuesday then brings Japan GDP, UK unemployment, and Canada CPI, shaping early moves in JPY, GBP, and CAD. 

Wednesday is the key day. UK inflation was last 3.3 percent, and the FOMC minutes will show how seriously the Fed is treating oil-driven inflation risk. A firmer inflation tone would support the dollar and yields. 

Thursday and Friday shift the focus to activity data through PMIs, US housing, Japan CPI, UK retail sales, and Germany’s Ifo survey. Overall, the dollar still holds a relative advantage, while Europe and the UK remain more exposed to sticky inflation and weaker growth. 

Market Events and Announcements (GMT+3) 

Monday, May 18, 2026 

• 05:00 – China (CNY) – Industrial Production YoY, previous 5.7 percent 

• 05:00 – China (CNY) – Retail Sales YoY, previous 1.7 percent 

Tuesday, May 19, 2026 

• 02:50 – Japan (JPY) – GDP Growth Rate QoQ Preliminary, previous 0.3 percent 

• 04:30 – Australia (AUD) – RBA Meeting Minutes 

• 09:00 – United Kingdom (GBP) – Unemployment Rate, previous 4.9 percent 

• 15:30 – Canada (CAD) – Inflation Rate YoY, previous 2.4 percent 

Wednesday, May 20, 2026 

• 09:00 – United Kingdom (GBP) – Inflation Rate YoY, previous 3.3 percent 

• 12:00 – Eurozone (EUR) – CPI YoY for April, previous 3.0 percent 

• 21:00 – United States (USD) – FOMC Minutes 

Thursday, May 21, 2026 

• 02:50 – Japan (JPY) – Balance of Trade, previous 667 billion yen 

• 10:30 – Germany (EUR) – S&P Global Manufacturing PMI Flash, previous 51.4 

• 11:30 – United Kingdom (GBP) – S&P Global Manufacturing PMI Flash, previous 51.0 

• 11:30 – United Kingdom (GBP) – S&P Global Services PMI Flash, previous 52.7 

• 15:30 – United States (USD) – Housing Starts, previous 1.502 million 

Friday, May 22, 2026 

• 02:30 – Japan (JPY) – Inflation Rate YoY, previous 1.5 percent 

• 09:00 – United Kingdom (GBP) – Retail Sales MoM, previous 0.7 percent 

• 11:00 – Germany (EUR) – Ifo Business Climate, previous 84.4