Pound (GBP)
UK data is largely absent until the end of the week, when October’s GDP report lands. Expectations point to a return to growth, which may offer the pound (GBP) some uplift. A softer result, however, would likely drag Sterling lower.
Euro (EUR)
With very little high-impact Eurozone data on the calendar, the euro (EUR) may continue to respond to geopolitical tensions. Waning optimism over a Russia-Ukraine peace breakthrough and frictions between the United States and the EU could act as headwinds for the common currency.
US dollar (USD)
All eyes are on the Federal Reserve’s final interest rate decision of the year. A widely anticipated rate cut may initially weigh on the US dollar (USD), although the bigger market driver will likely be the Fed’s messaging. A cautious, dovish outlook could see USD weaken further, whereas a more resistant tone from Chair Jerome Powell may give the ‘greenback’ a lift.
Australian dollar (AUD)
The Australian dollar (AUD) will take its cues from the Reserve Bank of Australia’s (RBA) latest announcement, where policy is expected to remain unchanged. Should last week’s underwhelming GDP figures persuade policymakers to adopt a less hawkish view, the ‘Aussie’ may lose ground.
South African rand (ZAR)
An improvement in South African consumer confidence could offer the rand (ZAR) a touch of support this week. Even so, broader market sentiment may prove the dominant force behind ZAR movement.
Canadian dollar (CAD)
The Bank of Canada (BoC) is widely expected to keep interest rates on hold at this week’s meeting. If policymakers strike a more hawkish note in response to Friday’s stronger-than-forecast jobs report, the Canadian dollar (CAD) could edge higher.
New Zealand dollar (NZD)
New Zealand’s upcoming manufacturing PMI is forecast to show activity slowing to near stagnation in November. Such a result may exert pressure on the New Zealand dollar (NZD) over the coming days.
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