Pound (GBP)
Although GBP investors have a packed UK data calendar to digest this week, domestic political uncertainty may once again dominate Sterling movement. The pound (GBP) could extend its recent downturn if Keir Starmer’s position as Prime Minister remains in doubt.
Euro (EUR)
The Eurozone’s latest PMI releases will be the main focus for EUR investors this week. The euro (EUR) may weaken if May’s preliminary figures show private sector activity in the bloc contracted again.
US dollar (USD)
The Federal Reserve’s latest meeting minutes could provide the US dollar (USD) with its key catalyst this week, as investors seek fresh insight into the central bank’s policy outlook. Evidence of a broadly hawkish consensus may propel the ‘greenback’ higher.
Australian dollar (AUD)
The Australian dollar (AUD) could find support this week if resilient Australian labour market data strengthens Reserve Bank of Australia (RBA) interest rate hike bets.
South African rand (ZAR)
South Africa’s latest consumer price index is due out this week. An expected jump in inflation could lift the South African rand (ZAR) if it fuels speculation that the South African Reserve Bank (SARB) may raise interest rates.
Canadian dollar (CAD)
The Canadian dollar (CAD) may strengthen in the first half of the week if Canada’s latest inflation figures show price pressures accelerated. This would likely bolster expectations that the Bank of Canada (BoC) will keep rates higher for longer, or potentially consider tightening policy later this year.
New Zealand dollar (NZD)
The New Zealand dollar (NZD) could face pressure later this week, with New Zealand’s latest retail sales data forecast to show that consumer spending softened in the first quarter.
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