Trading Week Ahead: Powell, PMI & GDP Set the Stage for Volatility

• Fed Chair Powell Speaks
  The Fed delivered its first rate cut last week, and markets expect two more by early 2026. Powell’s Tuesday speech will be pivotal for clues on timing. A dovish tone could weigh on the dollar and lift equities, while a more cautious message may support yields and pressure risk sentiment.
• US Flash Manufacturing and Services PMI
  Flash PMIs, due Tuesday, will provide a timely snapshot of economic activity. Manufacturing PMI is expected to slip to 51.8 from 53.0, while Services PMI is forecast to ease to 53.8 from 54.5. Both remain in expansion, but weaker-than-expected readings could fuel slowdown concerns and strengthen the case for Fed easing. Stronger data would likely support the dollar and risk appetite.
• US Final GDP
  The final Q2 GDP print is due Thursday, with forecasts steady at 3.3%, in line with the prior estimate. While no revision is expected, any adjustment could shift the market’s view of US economic momentum. A stronger figure would likely lift Treasury yields and the dollar, while a weaker result could bolster expectations for additional policy easing later this year.

Date	Time	Instrument	Event
Tuesday, Sep. 23	9:15 AM	EUR	Flash Manufacturing, Services PMI
	3:45 PM	USD	Flash Manufacturing, Services PMI
	6:35 PM	USD	Fed Chair Powell Speaks
Wednesday, Sep. 24	4:00 PM	USD	New Home Sales
Thursday, Sep. 25	9:30 AM	CHF	SNB Policy Rate
	2:30 PM	USD	GDP
	4:00 PM	USD	Existing Home Sales
Friday, Sep. 26	2:30 PM	CAD	GDP
		USD	Core PCE Price Index

*All times in the table are in GMT+2

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