What to Watch - Week of 24 November 2025

Taylor Nugent | Markets Research 

Past Week

• Q3 wages data were in line with expectations and the RBA minutes added little new
• A cautious FOMC amid an only slowly clearing data fog and inconclusive September Payrolls leaves market pricing now leaning to a hold in December.
• The AUD lost 1.2% and is below 65c. That’s a USD story driven by Fed expectations and equity market volatility.

Week ahead

• Australia’s first monthly CPI release is Wednesday, we expect headline of 3.6% qoq. Also during the week Q3 construction work done (Wednesday) and private capital expenditure (Thursday).
• In NZ, the RBNZ is widely expected to cut 25bp on Wednesday. Data follows in the form of Retail Sales (Thursday), Business Confidence (Thursday), Consumer Confidence (Friday), and Filled Jobs (Friday).
• The UK Autumn Budget (Wednesday) is expected to deliver tax hikes and updated fiscal projections. In the eurozone, preliminary country level CPI’s are late in the week.
• In the US, Thanksgiving (Thursday) interrupts a quieter week. Delays to headline data continue but we will get September Retail Sales and PPI. Fed speakers will remain in focus and other releases include the Beige Book and jobless claims.
• Japan’s markets are closed Monday, Tokyo CPI is Friday

View the full report here. 

Also in the What to Watch

• Important Events Preview 
• Weekly Calendar 
• Monthly Calendar 
• NAB Research Forecasts 

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