Pound (GBP)
In the absence of any notable UK economic data, UK election speculation may act as the main catalyst of movement for the pound (GBP) this week. Could the first full week of campaigning infuse some volatility into Sterling as Labour and the Conservatives begin to outline their policy priorities?
Euro (EUR)
The euro (EUR) may strengthen later this week with the publication of the Eurozone’s latest consumer price index. Inflation in the bloc is forecast to have accelerated this month, which may temper expectations for European Central Bank (ECB) interest rate cuts in the second half of the year.
US dollar (USD)
The focus for USD investors this week will be the latest core PCE price index. The Federal Reserve’s preferred indicator for inflation may bolster demand for the US dollar (USD) this week if signs of persistent inflationary pressures spark a trimming of Fed rate cut bets.
Australian dollar (AUD)
Following a weaker-than-expected domestic retail sales print, the Australian dollar (AUD) could struggle this week, especially if market sentiment remains broadly risk averse.
South African rand (ZAR)
The South African rand (ZAR) may experience some notable swings this week amid a hotly contested general election, which could see the ruling ANC party lose its majority for the first time in 30 years.
Canadian dollar (CAD)
Canada will publish its latest GDP figures this week. Economists forecast domestic growth will have accelerated sharply in the first quarter of 2024, likely strengthening the Canadian dollar (CAD) towards the end of the session.
New Zealand dollar (NZD)
New Zealand’s National Party-led government will release its first budget this week. While the government is expected to cut taxes, will a more pessimistic economic outlook lead the New Zealand dollar (NZD) to weaken?