US Dollar (USD)
The US Dollar (USD) looks set to see a volatile week of trade, with the latest slate of employment data due to print. Aside from a drop in job openings in October, economists are anticipating strong readings. If the US labour market shows signs of tightness, the ‘Greenback’ could rally against its peers as markets rein in bets for Federal Reserve rate cuts.
Pound (GBP)
This week, the Pound (GBP) may continue its recent rangebound trade as the UK data calendar remains light. However, a hawkish speech from Bank of England (BoE) Governor Andrew Bailey on Wednesday could prompt some support for Sterling.
Euro (EUR)
German industrial data is likely to be the Euro’s (EUR) core catalyst of movement this week. Factory orders are forecast to have stalled in October, while production is expected to have increase. These mixed readings could cap the common currency’s trade.
Australian Dollar (AUD)
The Reserve Bank of Australia (RBA) is expected to keep interest rates unchanged on Tuesday, likely denting the Australian Dollar (AUD). However, if Australian GDP growth for the third quarter prints at 0.4% as expected, AUD could rally.
South African Rand (ZAR)
The South African Rand (ZAR) may remain volatile this week following the release of the latest GDP data. Economists expect South Africa’s economy to have contracted in the third quarter, which may weigh heavily on the Rand.
Canadian Dollar (CAD)
The main driver of movement for the Canadian Dollar (CAD) this week will be the Bank of Canada’s (BoC) interest rate decision. The bank is expected to keep rates uncganged, which could weaken the ‘Loonie’ if paired with dovish forward guidance. However, volatility in oil prices could bring some support to CAD if prices rise.
New Zealand Dollar (NZD)
The New Zealand Dollar (NZD) will see a lull in impactful macroeconomic data this week, which could leave it to trade true to its positive correlation with AUD. Elsewhere, risk appetite may drive most NZD movement.