A flurry of high-impact US data being published this week is expected to point to a slowing American economy. If the data meets forecasts, recession fears could see the US dollar (USD) test new lows.
Pound (GBP)
Market-moving UK data is in short supply this week, which could leave the pound (GBP) to trade without a clear direction. As a result, Sterling may be driven by wider market trends.
Euro (EUR)
This week brings the first-quarter GDP figures for the Eurozone followed by the latest consumer price index. If these releases show weak growth and cooling inflation, then the rising odds of more European Central Bank (ECB) interest rate cuts could weigh on the euro (EUR).
US dollar (USD)
We have a handful of high-impact US data releases this week, including first-quarter GDP, the core PCE price index, and the latest payrolls figures. If these all point to a slowing US economy and fuel recession fears, the US dollar could test new lows.
Australian dollar (AUD)
Australia’s latest inflation figures could pressure the Australian dollar (AUD) this week, if a cooling of inflation in the first quarter of 2025 is seen as increasing the likelihood of a Reserve Bank of Australia (RBA) interest rate cut.
South African rand (ZAR)
This week, the South African rand (ZAR) could attract support if South Africa’s latest trade figures show a widening trade surplus in March. However, commodity prices, market risk appetite and USD movement could all drive volatility.
Canadian dollar (CAD)
Domestic politics may be the focal point for CAD investors this week, as Canada undergoes federal elections. Investors tend to favour stability, so a victory for the Liberals – led by former Bank of England (BoE) Governor Mark Carney – could work in the Canadian dollar’s (CAD) favour.
New Zealand dollar (NZD)
The only data release of note from New Zealand this week is the latest business confidence index. An expected deterioration in morale in April could pressure the New Zealand dollar (NZD).
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