Pound (GBP)
The UK’s consumer price index release looks set to be the primary driver of movement in the pound (GBP) this week. If July’s inflation data points to further acceleration, markets may further scale back bets on near-term Bank of England (BoE) rate cuts.
Euro (EUR)
EUR investors are likely to focus on the Eurozone’s flash PMIs for August this week. Forecasts suggest the bloc’s private sector expanded more strongly in July, which could provide the euro (EUR) with a lift if momentum continues.
US dollar (USD)
Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Symposium will be closely watched this week. Should he hint that swift policy easing may be required to counter a worsening labour market, speculation over a September rate cut could intensify and push the US dollar (USD) to fresh lows.
Australian dollar (AUD)
The Australian dollar (AUD) may find support from the release of August’s consumer confidence index. Signs of improving sentiment could help underpin demand for the ‘Aussie’.
South African rand (ZAR)
South Africa is set to publish its latest CPI figures this week, with economists expecting a slight uptick in price growth. However, any effect on the South African rand (ZAR) is likely to remain secondary to shifts in overall market risk appetite.
Canadian dollar (CAD)
Canada’s July CPI print is due this week and will be closely monitored by CAD traders. A stronger inflation reading could dampen expectations of additional Bank of Canada (BoC) rate cuts and give the Canadian dollar (CAD) a boost.
New Zealand dollar (NZD)
The Reserve Bank of New Zealand (RBNZ) will announce its latest policy decision this week. A rate cut from the central bank risks dragging the New Zealand dollar (NZD) lower.
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