The Week Ahead – Week Commencing 14 April 2025

Markets experienced another turbulent week as tariff updates from the United States and other countries continued to roil financial products.

Markets look set to remain volatile in a holiday-shortened week as traders contend with further global trade updates, a raft of fundamental data, and some key central bank rate decisions. Expect moves to come thick and fast in the coming days before relatively calm conditions towards the end of the week, with many financial centres closing for the Easter holidays.

Here is our usual day-by-day breakdown of the major risk events this week:

It’s a relatively quiet start to the trading week in calendar terms, with little of note on the cards for the first two trading sessions. There is no major data scheduled in the New York day, but we do hear from Fed members Barkin, Waller, and Harker during the afternoon.

The calendar ramps up significantly on Tuesday with some key data releases throughout the day. The Asian session will focus on Australian markets, with the RBA’s Monetary Policy Meeting Minutes out early. The European session begins with UK employment data before attention shifts to Germany for the latest ZEW numbers. In the New York session, focus moves north of the border for key Canadian CPI numbers, released alongside US Empire State Manufacturing data.

Wednesday looks set to be another busy day, with the Asian session kicking off with a major Chinese data drop including GDP, Industrial Production, and Retail Sales figures. More key UK data follows, with CPI data due out early in the London session. The US session looks particularly active: the early focus will be on US Retail Sales data, which should serve as an early barometer for Main Street sentiment regarding tariffs. Attention then moves to Ottawa for the Bank of Canada’s rate decision and press conference. Later in the day, we also hear from the Fed’s Hammack, and more importantly, Fed Chair Jerome Powell.

It’s an early start for traders on Thursday in Asia, with New Zealand CPI numbers due near the opening bell, followed by Australian employment data. The highlight of the week likely comes midway through the London session, when the ECB updates its interest rate. Later, the New York session brings weekly US unemployment claims and the Philly Fed Manufacturing Index.

Expect holiday trading conditions on Friday, with the vast majority of the world’s major trading centres closed for Good Friday. Many will then enjoy a full long weekend, with markets also closed on Easter Monday.

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