Pound (GBP)
The Pound (GBP) looks poised to rally this week on the back of the UK’s latest economic data. Forecasts for another strong jobs report, coupled with a rebound in GDP in January, are likely to bolster expectations that the Bank of England (BoE) will be one of the last of the major central banks to cut interest rates.
Euro (EUR)
EUR investors are likely to look to upcoming speeches by several European Central Bank (ECB) policymakers for fresh impetus this week. Some ECB officials have recently hinted at the possibility of an April rate cut. Expect to see the Euro (EUR) nosedive if this sentiment is echoed this week.
US Dollar (USD)
The US Dollar (USD) may be at risk of striking new multi-month lows this week with the publication of the latest US consumer price index in the spotlight. February’s CPI figures are forecast to report US inflationary pressures continue to cool, which could extend the USD selloff, if this stokes Federal Reserve rate cut bets.
Australian Dollar (AUD)
An expected deterioration in domestic business confidence last month may act as a headwind for the Australian Dollar (AUD) this week, although a prevailing risk-on mood could help to limit any losses.
South African Rand (ZAR)
The South African Rand (ZAR) may extend its recent rally this week, as a scaling back of domestic load shedding measures and improving market mood are likely to reflect positively on ZAR exchange rates.
Canadian Dollar (CAD)
In the absence of any notable domestic data, movement in the Canadian Dollar (CAD) is likely to be tied to oil price dynamics this week, with the ‘Loonie’ potentially giving ground if crude prices continue to soften.
New Zealand Dollar (NZD)
Movement in the New Zealand Dollar (NZD) is likely to be driven primarily by market risk appetite this week. If investors remain risk-on this could help the ‘Kiwi’ close the session higher.