3 currencies to watch this week: GBP, JPY, CAD
3 currencies to watch this week: GBP, JPY, CAD
Our primary focus will be on the British Pound, as several significant reports are scheduled from Britain. On Tuesday, we have the unemployment rate, followed by the crucial inflation rate on Wednesday, and retail sales data on Friday.
This is why we will be watching some keys levels in the GBPUSD, including support near 1.2675 and resistance at 1.2760. Inflation in the UK is expected to remain the same ominously high at 3.9%.
Our second focal point for the week will be the Japanese Yen, as Japan's inflation rate is set to be disclosed on Thursday. This becomes even more significant due to the subsequent Bank of Japan (BoJ) interest rate decision on the following Monday. Interestingly, The OECD (Organisation for Economic Cooperation and Development) report on Japan, released last week, suggested that it is “warranted, based on projections” that the Bank of Japan raise interest rates.
Elsewhere, we'll be attentive to Canada's inflation rate on Tuesday, providing an interesting comparison to the recent upside surprise in US inflation towards the end of last week. The forecast for Canadian inflation is a decrease from the current 3.1% to 2.8%. If this materializes, it could potentially signal a diverging monetary policy between the Bank of Canada and the US Federal Reserve, potentially leading to a slight weakening of the Canadian Dollar this week.
Our primary focus will be on the British Pound, as several significant reports are scheduled from Britain. On Tuesday, we have the unemployment rate, followed by the crucial inflation rate on Wednesday, and retail sales data on Friday.
This is why we will be watching some keys levels in the GBPUSD, including support near 1.2675 and resistance at 1.2760. Inflation in the UK is expected to remain the same ominously high at 3.9%.
Our second focal point for the week will be the Japanese Yen, as Japan's inflation rate is set to be disclosed on Thursday. This becomes even more significant due to the subsequent Bank of Japan (BoJ) interest rate decision on the following Monday. Interestingly, The OECD (Organisation for Economic Cooperation and Development) report on Japan, released last week, suggested that it is “warranted, based on projections” that the Bank of Japan raise interest rates.
Elsewhere, we'll be attentive to Canada's inflation rate on Tuesday, providing an interesting comparison to the recent upside surprise in US inflation towards the end of last week. The forecast for Canadian inflation is a decrease from the current 3.1% to 2.8%. If this materializes, it could potentially signal a diverging monetary policy between the Bank of Canada and the US Federal Reserve, potentially leading to a slight weakening of the Canadian Dollar this week.
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