Pound (GBP)
The UK’s latest GDP figures are expected to be the main driver of movement in the pound (GBP) this week. Markets forecast a solid 0.4% expansion in second-quarter growth, which could help underpin Sterling in the latter part of the week.
Euro (EUR)
The Eurozone’s latest second-quarter GDP estimate is the bloc’s only major economic release this week. Unless the preliminary reading is revised, however, the data is unlikely to have a significant impact on the euro (EUR).
US dollar (USD)
Investors will be paying close attention to the latest US consumer price index this week. Should inflation continue to cool in July, it will be another dovish test for Federal Reserve interest rate expectations and is likely to drag the US dollar (USD) lower.
Australian dollar (AUD)
The Reserve Bank of Australia (RBA) announces its latest interest rate decision this week. While rates are widely expected to remain unchanged, the Australian dollar (AUD) could come under pressure if policymakers maintain a cautious tone in their forward guidance.
South African rand (ZAR)
Domestic employment figures may act as a headwind for the South African rand (ZAR) this week, with economists anticipating a weaker labour market reading.
Canadian dollar (CAD)
With no major Canadian data due for release, the Canadian dollar (CAD) is likely to remain driven by oil price movements. Any renewed optimism over a US-Iran ceasefire could weigh on crude prices and, in turn, the ‘loonie’.
New Zealand dollar (NZD)
Market sentiment is expected to remain the key influence on the New Zealand dollar (NZD) this week. However, the ‘kiwi’ may also respond to domestic business inflation expectations, with a stronger reading likely to reinforce Reserve Bank of New Zealand (RBNZ) rate hike expectations.
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