Weekly Economic Calendar: Week of 18 - 22 May 2026

🇪🇺 Eurozone CPI and EUR Sensitivity
Eurozone CPI YoY is forecast at 3.00%, higher than the previous 2.60%. This will be important for EUR traders because stronger inflation could reduce expectations for aggressive ECB rate cuts. A higher-than-expected reading may support EUR, while softer inflation may pressure EUR by strengthening the case for a more accommodative ECB stance.

🇺🇸 Crude Oil Inventories and Inflation Sentiment
Crude Oil Inventories will also be closely watched, with the previous reading showing a draw of -4.306M. A larger-than-expected inventory draw may support oil prices and revive inflation concerns, especially if energy markets remain tight. This could indirectly support USD through higher inflation expectations. On the other hand, a surprise inventory build may weigh on oil prices and reduce near-term inflation pressure.

🇬🇧 UK PMI Data and Growth Momentum
Thursday’s UK PMI block includes Services PMI, Manufacturing PMI and Composite PMI. Previous readings were 52.7 for Services PMI, 53.7 for Manufacturing PMI and 52.6 for Composite PMI. Since all three previous readings were above the 50 expansion line, traders will watch whether the UK economy can maintain positive business activity momentum. Strong PMI readings may support GBP, while weaker readings may create downside pressure.

🇺🇸 U.S. Manufacturing and Jobless Claims
Thursday’s U.S. session brings the Philadelphia Fed Manufacturing Index, Initial Jobless Claims and Manufacturing PMI. The Philadelphia Fed Manufacturing Index previously stood at 26.7, Initial Jobless Claims previously stood at 211K, and Manufacturing PMI previously stood at 54.5. Strong manufacturing data and low jobless claims may support the USD by showing economic resilience. Weaker manufacturing data or rising jobless claims may pressure the Dollar by suggesting slower growth and early labour-market softness.

🇬🇧 UK Retail Sales and Consumer Demand
Friday’s UK Retail Sales data will be important for GBP sentiment. Core Retail Sales YoY previously stood at 1.70%, Core Retail Sales MoM previously stood at 0.20%, and Retail Sales MoM previously stood at 0.70%. Strong retail sales may support GBP by showing resilient consumer demand, while weak retail sales may pressure GBP by suggesting that households are becoming more cautious.