Pound (GBP)
With high-impact UK data releases scarce this week, the Confederation of British Industry’s (CBI) distributive trades survey stands out as the only notable publication. Should retail sales volumes show another decline in August, the pound (GBP) may come under pressure.
Euro (EUR)
This week brings the release of the European Central Bank’s (ECB) meeting minutes. If policymakers signal that interest rates are now at or near neutral levels, the euro (EUR) could find support from tempered expectations of further loosening.
US dollar (USD)
The focus for USD investors will be Friday’s publication of the US core PCE price index. As the Federal Reserve’s preferred measure of inflation, an expected uptick in July’s reading could dampen speculation over rate cuts and provide the US dollar (USD) with a lift.
Australian dollar (AUD)
The Australian dollar (AUD) may advance midweek if the latest monthly CPI indicator points to higher inflation in July. A hotter reading could see markets pare back expectations of additional Reserve Bank of Australia (RBA) rate cuts, with the bank maintaining its data-dependent stance.
South African rand (ZAR)
Traders will look to South Africa’s trade figures this week for direction. A narrowing trade surplus, as forecast, could undermine the South African rand (ZAR).
Canadian dollar (CAD)
Canada’s latest GDP release could weigh on the Canadian dollar (CAD) later this week. Economists expect second-quarter growth to have slowed, potentially putting pressure on the ‘loonie’.
New Zealand dollar (NZD)
An anticipated rebound in business confidence may provide the New Zealand dollar (NZD) with some modest support in the coming days.
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