Pound (GBP)
The pound (GBP) could face an uphill battle this week amid ongoing turmoil in the UK bond market. However, the latest UK consumer price index could provide some relief for Sterling if an expected rise in inflation weakens Bank of England (BoE) interest rate cut bets.
Euro (EUR)
Germany will publish its latest GDP data on Wednesday. If the figures report that Germany’s economy contracted in 2024 as a whole, we are likely to see the euro (EUR) weaken.
US dollar (USD)
The US dollar (USD) looks poised to extend its bullish run this week. Speculation the Federal Reserve may pause its cutting cycle is likely to grow if the latest US CPI figures report another uptick in inflation.
Australian dollar (AUD)
Australia will release its latest jobs report later this week. A rise in unemployment is likely to weaken the Australian dollar (AUD) if it bolsters expectations for a Reserve Bank of Australia (RBA) rate cut in the near future.
South African rand (ZAR)
As domestic data is in short supply, the South African rand (ZAR) is likely to remain sensitive to market sentiment this week. If investors remain cautious, the rand may extend its recent losses.
Canadian dollar (CAD)
While Canadian data is thin on the ground this week, the commodity-linked Canadian dollar (CAD) may strengthen if oil prices continue to climb at their current pace.
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.
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