Pound (GBP)
The publication of the UK’s long-awaited Autumn Budget will no doubt act as the primary catalyst of movement for the pound (GBP) this week. If Chancellor Rachel Reeves is unable to convince markets of the merits of her spending and tax plans, the pound is likely to weaken.
Euro (EUR)
Driving movement in the euro (EUR) this week will be the Eurozone’s latest inflation and GDP figures. The latter may prove particularly damaging to the single currency if it reports that growth in the Eurozone remained anaemic in the third quarter.
US dollar (USD)
This week is packed with high-impact US economic data. In addition to the latest US payroll and PMI figures will be the preliminary estimate of US GDP in the third quarter. Expect to see the US dollar (USD) strengthen if robust growth figures lead to a further trimming of Federal Reserve interest rate cut expectations.
Australian dollar (AUD)
The Australian dollar (AUD) may come under pressure this week with the publication of Australia’s latest consumer price index. If the CPI figures report inflation continued to cool in the third quarter, it’s likely to stoke Reserve Bank of Australia (RBA) rate cut bets and drag on the ‘Aussie’.
South African rand (ZAR)
As domestic data is in short supply, the South African rand (ZAR) is likely to be particularly sensitive to market sentiment this week. If the deluge of data in other markets sees investors err on the side of caution, the rand is likely to struggle.
Canadian dollar (CAD)
The Canadian dollar (CAD) may come under pressure this week if Canada’s latest GDP figures report that growth remained weak last month, after flatlining in August.
New Zealand dollar (NZD)
In the absence of any notable domestic data, movement in the New Zealand dollar (NZD) is likely to be tied to market risk dynamics this week, potentially leaving the ‘kiwi’ vulnerable to losses if a cautious mood prevails.