Pound (GBP)
UK economic data is in short supply this week. As a result, we may see political developments drive movement in the pound (GBP). After a difficult first six months in office, the Labour government will be looking to convince voters and markets that it can turn things around in 2025.
Euro (EUR)
The release of the Eurozone’s latest consumer price index will act as a key catalyst of movement for the euro (EUR) this week. If December’s preliminary CPI figures report a rise in inflation it may lift the single currency.
US dollar (USD)
The US dollar (USD) looks poised to rise this week, as the minutes from the Federal Reserve’s latest policy meeting are expected to reinforce the bank’s hawkish outlook on interest rates. Although the US dollar’s upside potential may be tested if Friday’s payroll figures disappoint.
Australian dollar (AUD)
Australia will also release its latest CPI figures this week. November’s data may provide a boost for the Australian dollar (AUD) as an expected rise in inflation is likely to weaken Reserve Bank of Australia (RBA) rate cut bets.
South African rand (ZAR)
Movement in the South African rand (ZAR) is likely to be tied to market risk dynamics this week amid the absence of any notable domestic data releases.
Canadian dollar (CAD)
Canada will publish its latest jobs report this week. If December’s figures report a softening of employment growth is may stoke Bank of Canada (BoC) rate cut bets and drag on the Canadian dollar (CAD).
New Zealand dollar (NZD)
Domestic data is thin on the ground this week, leaving movement in the New Zealand dollar (NZD) to be driven by wider market trends. A cautious market mood could see the ‘kiwi’ face pressure throughout the session.
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