Pound (GBP)
The UK economic calendar is relatively quiet this week, with the final services PMI reading standing out as the only notable release. Should the data confirm that activity in the UK services sector returned to growth in July, the pound (GBP) may receive some modest support.
Euro (EUR)
Fresh German economic figures are likely to influence movement in the euro (EUR) this week. If factory orders and industrial production from the Eurozone’s largest economy weakened in June, the single currency may come under pressure as the week draws to a close.
US dollar (USD)
The latest ISM PMI releases may provide support for the US dollar (USD) this week if they improve in line with market expectations. However, the ‘greenback’ could come under pressure on Friday should the newest non-farm payrolls figures indicate the US labour market is beginning to lose momentum.
Australian dollar (AUD)
A forecast improvement in Australia’s Ai Group industry index could lend the Australian dollar (AUD) support around the middle of the week. At the same time, shifts in market risk appetite are expected to remain a major influence on AUD exchange rates.
South African rand (ZAR)
South Africa’s latest PMI is expected to indicate a modest pickup in business activity during July, which may help support the South African rand (ZAR). Beyond that, developments in market sentiment and fluctuations in gold prices are likely to be the main sources of volatility.
Canadian dollar (CAD)
The Canadian dollar (CAD) may attract support on Friday if Canada’s latest employment figures reveal unemployment remained subdued last month. That said, the crude-linked ‘loonie’ could encounter headwinds if easing tensions in the Middle East weigh on oil prices.
New Zealand dollar (NZD)
A projected increase in New Zealand’s unemployment rate during the second quarter could weigh on the New Zealand dollar (NZD) early in the week, especially if it prompts investors to scale back Reserve Bank of New Zealand (RBNZ) interest rate hike expectations.
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