Forex Economic Calendar Q2 2027: April to June

Central bank meetings, US jobs and inflation releases, Golden Week, bank holidays and half-year-end: the forex calendar for April to June 2027, with officially confirmed dates and what each event tends to do to spreads.

The second quarter of 2027 has fifteen scheduled decisions from the eight major central banks, three US jobs reports, three US inflation reports, Japan's Golden Week holidays, several US and UK holidays and the half-year end on 30 June. Two stretches stand out: the last week of April, when five central banks announce in three days, and the first half of June, when the Fed and the ECB both publish fresh economic projections. This guide lists each event, who publishes it, the usual timing, and how it has tended to affect spreads and volatility in general. It does not forecast outcomes or prices.

For the basics of reading a calendar entry, see how to use an economic calendar. For why surprises against consensus move currencies, see how economic data moves forex. The first quarter is covered in the Q1 2027 economic calendar.

How to read this guide

We give a specific 2027 date only where we checked the official schedule from the central bank, statistics agency, exchange or government; all of them are listed under Sources at the end. Where the official 2027 date was not yet published when we checked, we give the usual timing rule and ask you to confirm it closer to the time. Even confirmed dates can move: the Federal Reserve, for one, says each meeting date is tentative until confirmed at the previous meeting, and any central bank can hold an unscheduled meeting.

Time zones for the whole quarter

By April, the US, UK and EU are all on summer time, and they stay that way until late October. That makes Q2 simpler than Q1. For the whole quarter:

New York (EDT) is UTC minus 4 hours.
London (BST) is UTC plus 1 hour, five hours ahead of New York.
Frankfurt, Paris and Zurich (CEST) are UTC plus 2 hours, six hours ahead of New York.

So a US release at 08:30 New York is 13:30 London and 14:30 CEST, and the FOMC statement at 14:00 New York is 19:00 London and 20:00 CEST.

The southern hemisphere goes the other way. Sydney and New Zealand both leave summer time on Sunday 4 April 2027. After that, Sydney is UTC plus 10 and New Zealand UTC plus 12, so Australian and New Zealand announcements arrive an hour or two later in European time than they did in Q1. The market hours tool shows current offsets in your own time zone, and our guide to forex market hours and sessions explains why the session overlaps matter.

April 2027: a new fiscal year, Golden Week and five decisions in three days

Japanese fiscal year starts: 1 April

The Japanese fiscal year begins on 1 April for the government and for many companies. The start of the fiscal year is when Japanese institutional investors often set new allocations, and it is also around the time the Bank of Japan publishes its quarterly Tankan business survey (usually on the first business day of April; check the BoJ's release schedule). The Tankan is one of the most closely followed Japanese releases for USD/JPY. New-year flows are hard to see from outside and do not have a predictable direction, but they are one reason the yen can be busy in early April.

US employment report: Friday 2 April

The Bureau of Labor Statistics (BLS) Employment Situation report for March 2027 is out on Friday 2 April at 08:30 New York (13:30 London, 14:30 CEST). It includes non-farm payrolls, the unemployment rate and average hourly earnings. Note that this comes the Friday after Good Friday (26 March) and in the same week as Easter Monday, when European liquidity may still be recovering from the holiday. Canada's Labour Force Survey is frequently released on the same morning at the same time.

Historically, payrolls has been one of the most volatile scheduled releases for USD pairs. Spreads commonly widen for a short time around the release, and in fast moves a stop can be filled beyond its level. See slippage explained.

ISM and other early-month US data

ISM manufacturing PMI: usually the first business day of the month at 10:00 New York (15:00 London); services a couple of business days later. See PMI.
Weekly jobless claims: every Thursday at 08:30 New York.
Retail sales (Census Bureau): usually mid-month at 08:30 New York.

US CPI: Tuesday 13 April

March 2027 CPI is published on Tuesday 13 April at 08:30 New York (13:30 London, 14:30 CEST). The market typically focuses on core inflation and the monthly rate as well as the headline annual figure, because they bear directly on what the Federal Reserve might do.

UK data in April

The ONS usually publishes UK CPI on a Wednesday in the middle of the month and the labour market report on a Tuesday, both at 07:00 London. April is the month in which many UK regulated prices and bills change, which is why the April CPI figure (published in May) is often discussed in detail. Check the ONS release calendar for exact dates.

The last week of April: Fed, BoJ, BoC, ECB and BoE

This is the busiest central bank stretch of the quarter:

Bank of Japan: Monetary Policy Meeting Tuesday 27 and Wednesday 28 April, decision on 28 April with the Outlook Report (the BoJ's quarterly growth and inflation forecasts). The BoJ has no fixed announcement time; the statement usually comes around midday Tokyo, which is early morning in London.
Bank of Canada: Wednesday 28 April at 09:45 New York (14:45 London, 15:45 CEST), with the quarterly Monetary Policy Report. Relevant for USD/CAD.
Federal Reserve: FOMC meeting Tuesday 27 and Wednesday 28 April, statement on 28 April at 14:00 New York (19:00 London, 20:00 CEST), press conference at 14:30 New York. This is not one of the meetings with a Summary of Economic Projections.
European Central Bank: Governing Council meeting 28–29 April, decision on Thursday 29 April, normally at 14:15 CEST (13:15 London, 08:15 New York), with the President's press conference at 14:45 CEST.
Bank of England: Thursday 29 April at 12:00 London (13:00 CEST, 07:00 New York), with the minutes and the Monetary Policy Report.

Several things make this week unusual. Every major currency except the Australian and New Zealand dollars and the Swiss franc has a scheduled decision, so cross pairs such as EUR/JPY or EUR/GBP can be hit from both sides within hours. The US GDP advance estimate for the first quarter usually arrives around the end of April at 08:30 New York, so it may also fall in this week; the Bureau of Economic Analysis had not posted its 2027 schedule when we checked. And Japan starts its Golden Week holidays on 29 April.

Weeks like this have tended to keep volatility raised across many pairs at once. Spreads commonly widen around each announcement, and anyone holding a position through the whole week is exposed to all five decisions plus the data. Our guide to central banks and interest rates explains why each decision matters through the interest rate differential between two currencies.

Euro area flash data at the end of April

Eurostat usually publishes the flash estimate of euro area GDP for the first quarter about 30 days after the quarter ends, and the flash HICP inflation estimate on or just after the last working day of the month, both at 11:00 CET (CEST in summer). Check the Eurostat release calendar for the exact days. Tokyo CPI, published by Japan's Statistics Bureau, normally appears on the Friday of the last full week of the month at 08:30 Tokyo time; Golden Week can shift it, so confirm the date.

Golden Week: 29 April to 5 May

Japan's Golden Week is a cluster of national holidays. In 2027 the Cabinet Office lists:

Thursday 29 April: Showa Day
Monday 3 May: Constitution Memorial Day
Tuesday 4 May: Greenery Day
Wednesday 5 May: Children's Day

Friday 30 April is a normal working day, but many people take it off, and the Tokyo market is closed on the holidays themselves. Forex trades throughout, but with Japanese banks, investors and exporters largely away, liquidity in yen pairs during Asian hours is usually thinner than normal. Thin liquidity has historically been associated with wider spreads and occasionally with sharp, short-lived moves on small volumes. Golden Week has also, in some years, been a period when Japanese officials were watched for possible currency intervention, which is unscheduled by definition and never appears on a calendar.

Golden Week overlaps with the UK's early May bank holiday on Monday 3 May 2027, so on that Monday both Tokyo and London are on holiday at once. That combination tends to make for one of the quieter days of the quarter in terms of normal activity, which is not the same as a safe day: thin markets can move suddenly.

May 2027: Australia, New Zealand and the second set of US releases

Reserve Bank of Australia: Tuesday 4 May

The RBA's Monetary Policy Board meets on 3–4 May 2027, with the decision on Tuesday 4 May. In recent years the RBA has announced at 14:30 Sydney time with a press conference afterwards. Now that Sydney is on standard time (UTC plus 10), 14:30 there is 05:30 London and 06:30 CEST. May is one of the months the RBA publishes its Statement on Monetary Policy. AUD/USD and AUD/JPY are the pairs most directly affected; with Golden Week under way, AUD/JPY liquidity may be thinner than usual.

Reserve Bank of New Zealand: Wednesday 5 May

The RBNZ's official schedule lists a Monetary Policy Review and OCR decision on Wednesday 5 May 2027. The RBNZ usually announces at 14:00 New Zealand time, which after 4 April (NZ standard time, UTC plus 12) is 03:00 London. 2027 is the first year of the RBNZ's eight-decision schedule, up from seven. NZD/USD is the pair to watch.

US employment report: Friday 7 May

April 2027 payrolls are released on Friday 7 May at 08:30 New York (13:30 London, 14:30 CEST).

US CPI: Wednesday 12 May

April 2027 CPI is out on Wednesday 12 May at 08:30 New York.

Bank of Canada Financial Stability Report: Tuesday 18 May

The Bank of Canada's schedule lists its Financial Stability Report on Tuesday 18 May at 10:00 New York time. It is not a rate decision, and it usually attracts less attention than a policy announcement, but it does include remarks from the Governor.

UK April CPI and other mid-May data

UK CPI for April usually appears in the middle of May at 07:00 London. Flash PMIs from S&P Global generally come in the second half of the month: euro area and UK in the European morning, US at 09:45 New York.

Holidays at the end of May

Monday 31 May 2027 is both US Memorial Day (the NYSE is closed) and the UK's spring bank holiday. With the two biggest forex centres on holiday on the same day, it is often one of the thinnest sessions of the year outside Christmas. Some continental European countries also observe Ascension Day and Whit Monday in May; these do not close forex but can lighten European activity on those days.

June 2027: projections month and the half-year end

Bank of Canada: Wednesday 2 June

The Bank of Canada announces on Wednesday 2 June at 09:45 New York (14:45 London). Not a Monetary Policy Report month.

US employment report: Friday 4 June

May 2027 payrolls are released on Friday 4 June at 08:30 New York, the last jobs report before the June FOMC meeting.

Federal Reserve: 8–9 June

The FOMC meets on Tuesday 8 and Wednesday 9 June 2027, with the statement on 9 June at 14:00 New York (19:00 London, 20:00 CEST). This is one of the four meetings with a Summary of Economic Projections, including the "dot plot" of committee members' rate projections. Meetings with projections have tended to attract more attention than those without, because the market can compare its own expectations with the committee's. See our FOMC glossary entry.

US CPI and the ECB: Thursday 10 June

Two major events fall on Thursday 10 June:

ECB: Governing Council meeting 9–10 June, decision at 14:15 CEST (13:15 London, 08:15 New York), press conference at 14:45 CEST. June is a projections meeting, when updated staff forecasts for growth and inflation are published.
US CPI for May 2027: 08:30 New York, which is 13:30 London and 14:30 CEST. That is only 15 minutes after the ECB decision.

For EUR/USD, that means two high-impact events on opposite sides of the pair within a quarter of an hour, with the ECB press conference running on after the CPI release. Spreads and execution around 13:15 to 14:00 London on that day may be more erratic than on a normal CPI day.

Bank of Japan: 10–11 June

The BoJ meets on Thursday 10 and Friday 11 June, with the decision on Friday 11 June, usually around midday Tokyo. It is not an Outlook Report meeting.

Reserve Bank of New Zealand: Wednesday 16 June

A full Monetary Policy Statement and OCR decision on Wednesday 16 June 2027, at 14:00 New Zealand time (03:00 London).

Bank of England: Thursday 17 June

The Bank of England announces on Thursday 17 June at 12:00 London (13:00 CEST, 07:00 New York), with the minutes. Not a Monetary Policy Report month. UK CPI for May typically appears around the same week, so check the ONS calendar: GBP/USD can have both an inflation release and a rate decision within days.

Juneteenth: Friday 18 June

Juneteenth falls on Saturday 19 June in 2027, so the NYSE observes it on Friday 18 June. US equity markets are closed; forex trades, with lighter US-hours activity.

Reserve Bank of Australia: Tuesday 22 June

The RBA meets on 21–22 June, with the decision on Tuesday 22 June, typically 14:30 Sydney (05:30 London).

Swiss National Bank: Thursday 24 June

The SNB's quarterly monetary policy assessment is on Thursday 24 June, with the press release at 09:30 Swiss time (08:30 London, 03:30 New York) and a news conference at 10:00. Because the SNB decides only four times a year, its decisions have often been significant events for USD/CHF and EUR/CHF.

Half-year end: Wednesday 30 June

30 June is the end of the second quarter and of the first half of the year, and the end of the fiscal year in Australia and New Zealand. Quarter-end and half-year-end are often associated with portfolio rebalancing and hedge adjustments, which some market participants discuss as a source of extra flows, particularly around the London 16:00 fix. These flows are hard to observe and do not point in a predictable direction. What a retail trader can expect is that the last days of June may be busier, or more erratic, than the calendar alone suggests. Late June is also when the ECB has traditionally held its annual Forum on Central Banking in Sintra, where central bank heads often speak; check the ECB website for the 2027 dates.

A worked example: the last week of April

Here is how a trader based in Frankfurt might map the week of 26 April 2027. The times are derived from the official schedules; the position is illustrative.

Wednesday 28 April, around 05:00 CEST. The BoJ decision and Outlook Report (around midday Tokyo, if the usual pattern holds).
Wednesday 28 April, 15:45 CEST. Bank of Canada decision and Monetary Policy Report.
Wednesday 28 April, 20:00 CEST. FOMC statement; press conference at 20:30.
Thursday 29 April, 13:00 CEST. Bank of England decision, minutes and Monetary Policy Report.
Thursday 29 April, 14:15 CEST. ECB decision; press conference at 14:45.
Thursday 29 April onwards. Golden Week holidays in Japan.

Suppose the trader holds a 0.3-lot GBP/JPY position. Because it is a yen cross, the pip value depends on the USD/JPY rate; use the pip value calculator rather than guessing. Suppose the pip value works out at roughly $2 per pip for this size, and the stop is 40 pips away: planned risk about $80. Over this week, that position is exposed to the BoJ, the Fed (through the yen and general dollar moves), the BoE and the start of Golden Week, when yen liquidity in Asian hours tends to be thinner. If any one of those events causes a 30-pip gap through the stop, the loss would be about $140 instead of $80. The point of mapping the week is to see that exposure in advance and decide on position size accordingly; the position size calculator helps. It is not a reason to trade or to stay out. Most retail CFD accounts lose money, and leverage magnifies losses when prices move fast.

Common mistakes in Q2

Forgetting the southern hemisphere clock change. Australian and New Zealand announcements move an hour later in European time from 4 April.
Treating Golden Week as a holiday for markets. The yen still trades, often in thinner conditions.
Ignoring double holidays. 3 May (Tokyo and London) and 31 May (London and New York) are both unusually thin.
Watching the ECB and missing the CPI. On 10 June the ECB decision and US CPI are 15 minutes apart.
Leaving positions over holiday weekends without checking broker hours. Some CFDs on indices and commodities change hours around US and UK holidays, and markets can gap when full trading resumes. See gap risk and weekend risk.
Not checking official schedules. Third-party calendars sometimes carry stale dates. If they disagree with the central bank or statistics office, trust the official source.

Quick reference: confirmed Q2 2027 dates

Central bank decisions (announcement day):

28 April: Bank of Japan (with Outlook Report)
28 April: Bank of Canada (with Monetary Policy Report)
28 April: Federal Reserve (FOMC)
29 April: European Central Bank
29 April: Bank of England (with Monetary Policy Report)
4 May: Reserve Bank of Australia
5 May: Reserve Bank of New Zealand (Monetary Policy Review)
2 June: Bank of Canada
9 June: Federal Reserve (FOMC, with projections)
10 June: European Central Bank
11 June: Bank of Japan
16 June: Reserve Bank of New Zealand (Monetary Policy Statement)
17 June: Bank of England
22 June: Reserve Bank of Australia
24 June: Swiss National Bank

US data:

Employment report: 2 April, 7 May, 4 June (08:30 New York)
CPI: 13 April, 12 May, 10 June (08:30 New York)

Other scheduled publications:

18 May: Bank of Canada Financial Stability Report

Holidays and clock changes:

4 April: Australia (Sydney) and New Zealand clocks go back
29 April: Showa Day (Japan)
3 May: UK early May bank holiday; Constitution Memorial Day (Japan)
4 May: Greenery Day (Japan)
5 May: Children's Day (Japan)
31 May: US Memorial Day (NYSE closed) and UK spring bank holiday
18 June: Juneteenth observed (NYSE closed)

For the previous quarter's events, see the Q1 2027 economic calendar.

Frequently asked questions

When are the Fed meetings in Q2 2027?

The FOMC meets on 27–28 April and 8–9 June 2027, with statements on 28 April and 9 June at 14:00 New York time (19:00 London). The June meeting includes the Summary of Economic Projections. The Fed treats each date as tentative until confirmed at the previous meeting.

What is Golden Week and why do forex traders care?

Golden Week is a run of Japanese national holidays, in 2027 on 29 April and 3 to 5 May. Japanese markets close and many Japanese institutions are away, so yen liquidity in Asian hours is usually thinner. Thin liquidity tends to mean wider spreads and the possibility of sharp moves on small volumes.

Why are Australian and New Zealand rate decisions later in Q2?

Both countries leave summer time on 4 April 2027 while Europe has just started its own summer time, so the time difference shrinks. An RBA decision at 14:30 Sydney is 03:30 London in March but 05:30 London in May.

Is 31 May 2027 a normal trading day?

Forex is traded, but it is US Memorial Day and a UK bank holiday, so the two largest trading centres are both on holiday. Liquidity is usually thin and brokers may change hours on some CFDs.

Do quarter-end flows move currencies in a particular direction?

Not in any reliable way. Quarter-end and half-year-end can bring rebalancing and hedging flows, and these are discussed every quarter, but their size and direction are not public and they do not provide a dependable signal. The practical point is to expect less predictable conditions in the last days of June.

Where can I check that these dates have not changed?

Use the official schedules listed below: the central bank websites, the BLS release calendar, the NYSE holiday calendar, GOV.UK and Japan's Cabinet Office. Check them in the week before each event.

Sources

Not investment advice. This is general information and education, written without knowledge of your circumstances. It is not a recommendation to buy or sell any instrument. Past performance is not a reliable indicator of future results. Trading leveraged products carries a high risk of losing money. Risk warning

Forex economic calendar Q2 2027: the events that matter, April to June