Pound (GBP)
The UK’s latest GDP figures will be the main focus for GBP investors this week. Economists expect growth to have stalled at the beginning of the third quarter, potentially weighing on the pound (GBP) at the end of the session as it raises further concerns over the government’s upcoming budget.
Euro (EUR)
A widely anticipated interest rate hike from the European Central Bank (ECB) could lend support to the euro (EUR) this week, particularly if ECB President Christine Lagarde signals that further tightening may be required to bring inflationary pressures across the Eurozone under control.
US dollar (USD)
The latest US consumer price index will provide a key catalyst for US dollar movement this week, with the US dollar (USD) likely to strengthen if a stronger-than-expected inflation reading reinforces expectations of a Federal Reserve interest rate hike later this month.
Australian dollar (AUD)
Australia’s latest business and consumer confidence figures could weigh on the Australian dollar (AUD) this week if the data indicates that domestic sentiment is beginning to weaken once again.
South African rand (ZAR)
South Africa is also due to release its latest GDP figures this week. Economists expect domestic growth to have slowed in the second quarter, which could weigh on the South African rand (ZAR) on Tuesday.
Canadian dollar (CAD)
With little in the way of notable domestic economic data, the commodity-linked Canadian dollar (CAD) is likely to remain sensitive to oil price movements, potentially supporting the ‘loonie’ if Brent crude climbs back towards $100 per barrel.
New Zealand dollar (NZD)
NZD economic data is similarly sparse this week, leaving the New Zealand dollar (NZD) largely at the mercy of shifts in risk appetite, while renewed uncertainty in the Middle East could place additional pressure on the ‘kiwi’.
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