Pound (GBP)
The pound (GBP) may experience a volatile week as markets respond to a series of high-impact UK data releases and the Bank of England’s (BoE) latest interest rate decision. Sterling could come under pressure if the bank opts to hold rates and adopts a cautious stance in its accompanying guidance.
Euro (EUR)
The euro (EUR) could find support this week if Germany’s latest ZEW economic sentiment index signals an improvement in confidence across the Eurozone’s largest economy.
US dollar (USD)
The Federal Reserve is broadly anticipated to raise interest rates this week, potentially lending support to the US dollar (USD). However, as the rate hike is already largely priced into markets, the Fed’s accompanying guidance could prove more influential for USD movements.
Australian dollar (AUD)
There is little in the way of market-moving Australian data on the calendar this week, which could leave the Australian dollar (AUD) exposed to shifts in broader risk appetite. With the crisis in the Middle East continuing to escalate, could concerns over global oil supplies put pressure on the AUD?
South African rand (ZAR)
The South African rand (ZAR) could face headwinds later in the week if domestic consumer confidence deteriorates as expected. At the same time, movements in gold prices and wider risk appetite could help determine the rand’s direction.
Canadian dollar (CAD)
Canada’s latest consumer price index, due on Monday, could influence the Canadian dollar (CAD), particularly if the figures differ from forecasts. Elsewhere, oil prices may play a key role in determining CAD’s trajectory, with higher prices potentially providing support to the crude-linked ‘loonie’.
New Zealand dollar (NZD)
New Zealand is due to release its second-quarter GDP growth figures midweek. If the data points to a pronounced slowdown in economic growth, the New Zealand dollar (NZD) could come under pressure.
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