AUD, NZD, GBP, EUR, USD Weekly Exchange Rate Forecast
30 May 2017 by News DeskFrom central bank announcements, to US employment numbers and eurozone inflation figures, this week could be an exciting one for the currency market and exchange rates, say industry experts FC Exchange.
GBP Exchange Rate Forecast
This week there are only a few moderately influential UK data releases scheduled, meaning the pound is likely to experience most of its movement as a result of political developments. Wednesday will see the release of the GfK UK consumer confidence survey which economists believe will come in at -8 in May, following the previous -7 April figure.
Wednesday will also see the release of the UK net consumer credit and mortgage approvals numbers for April. Meanwhile, Thursday’s data will come in the form of Markit’s manufacturing purchasing managers’ index (PMI), followed by Markit’s construction PMI on Friday. Both indexes are expected to contract from the previous April number which could bode badly for sterling.
EUR Exchange Rate Forecast
There are a few big pieces of data out which could impact the euro this week, as well as a smattering of lower level releases. Tuesday’s European session will bring with it the highly influential German consumer price index for May which could cause some significant movement. Economists have forecast a fall from April’s 2.0% on the year, to only 1.6%.
Meanwhile, Wednesday’s trading will see the release of German unemployment rate and unemployment change figures, as well as the eurozone’s consumer price index estimates. In addition, European Central Bank (ECB) representatives will be speaking throughout the day meaning with so much data and potentially influential comments made during the session, it could be a day of choppy trading for the euro.
USD Exchange Rate Forecast
It’s due to be an exciting week for the US dollar with a raft of high-tier data scheduled for release. Tuesday will begin with the US personal consumption expenditure, personal income, and personal spending numbers, followed later in the session by the US consumer confidence index.
Thursday’s US ISM manufacturing number could give the dollar an excuse to move, but Friday will be the main event with the release of US change in non-farm payrolls and unemployment rate figures. The labour market is a key area of interest for investors who are hoping the US Federal Reserve will hike interest rates at some point in the near future.
AUD Exchange Rate Forecast
Tuesday kick-started the week with some positive numbers for the Australian economy. The ANZ Roy Morgan weekly consumer confidence number increased to 112.2 in the week through 28th May, while April’s building approvals increased by 4.4%, rather than the 3.0% forecast. This allowed the annual figure to drop to -17.2% from -19.9%, reaching a far better number than the -18.1% forecast.
Wednesday will bring with it the Australian private sector credit number, followed by the AiG performance of manufacturing index and private capital expenditure number on Thursday. Friday will close the week with the HIA new home sales stat.
NZD Exchange Rate Forecast
It could be an exciting week for the New Zealand dollar with central bank events taking place. The Reserve Bank of New Zealand (RBNZ) Governor will attend a news conference in Wednesday’s Pacific session, followed by an appearance at the Parliament Select Committee. In between these events, the ANZ business confidence number will be released.
Disclaimer: This economic update is provided by FC Exchange a Global Reach Group Company, industry leaders in foreign exchange. Authorised affiliates are permitted to reuse content.
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