Weekly currency forecast: Upbeat UK jobs data to lift the pound?
Currencies Direct September 9th 2024 - < 1 minute read
Pound (GBP)
The primary catalyst for the pound (GBP) this week will be the UK’s latest jobs. An expected drop in unemployment in July may strengthen Sterling sentiment, but only if wages don’t cool too much.
Euro (EUR)
An expected interest rate cut from the European Central Bank (ECB) is likely to apply pressure on the euro (EUR) this week, particularly if ECB President Christine Lagarde hints that more cuts may be needed before the end of the year.
US dollar (USD)
The US dollar (USD) may face resistance this week with the publication of the latest US consumer price index. If inflation cooled in line with expectations in August, it’s likely to revive bets for a larger Federal Reserve interest rate cut this month.
Australian dollar (AUD)
The publication of Australia’s latest business and consumer confidence figures could help to underpin the Australian dollar (AUD) this week if they signal morale remains positive.
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Currencies Direct