Next Week's Macro Outlook: Nonfarm Payrolls and CPI Double Whammy Incoming—Dollar's 'Life-or-Death Line' Flashing Red? Here are the key points the market will focus on in the upcoming week: Monday 21:30 - U.S. December New York Fed Manufacturing Index Monday 22:30 - Speech by Fed Governor Milan Monday 23:30 - FOMC permanent voter and New York Fed President Williams speaks on economic outlook Tuesday 21:30 - U.S. November unemployment rate, U.S. November nonfarm payrolls (seasonally adjusted), U.S. October retail sales (MoM) Wednesday 22:05 - FOMC permanent voter and New York Fed President Williams delivers opening remarks at the New York Fed-hosted 2025 FX Market Structure Conference Thursday 01:30 - 2027 FOMC voter and Atlanta Fed President Bostic speaks on economic outlook Thursday 21:30 - U.S. November CPI YoY (non-seasonally adjusted)/Core CPI YoY, U.S. November CPI MoM (seasonally adjusted)/Core CPI MoM; U.S. initial jobless claims for the week ending December 13; U.S. December Philadelphia Fed Manufacturing Index Next week's U.S. CPI data release will be a critical turning point for the dollar's trajectory. If CPI data comes in below expectations (latest data is 3%, still above the Fed's 2% target), it will further validate the rationale for the Fed's rate-cut cycle, potentially putting more downward pressure on the dollar. Conversely, higher-than-expected CPI could reverse this trend.