Currency markets will monitor this week the release of many reports and economic data, which will have a significant impact on various currencies, foremost among them the US dollar, the Australian dollar, the euro, and some commodities such as gold and oil. Among the most important of these data are the following:

Results of the Australian Reserve Meeting

Currency markets are awaiting the release of the Australian Reserve meeting results early tomorrow Tuesday morning, as they always strongly affect currency market movements, especially for the Australian dollar, given that they provide a clearer picture and more precise details about the monetary policy decision by the Australian Reserve. They may also include future signals regarding upcoming monetary policy decisions, which in turn strongly influence the Australian dollar’s movements during currency market trading sessions.

US Retail Sales and Dollar Movements

The data will be released on Tuesday at 12:30 PM GMT, and expectations indicate that the core retail sales index may grow by 0.4%, while the retail sales index may grow by 0.5% during last June. These data always have strong repercussions on currency market movements, especially the US dollar, as they provide a clearer picture of consumer spending, which in turn affects inflation that has started to ease recently and gives the Federal Reserve signals to slow down monetary tightening.

Currency Markets and Canadian Inflation Data

The data will be released on Tuesday at 12:30 PM GMT, and Canadian inflation data strongly affect the Canadian dollar’s movements. Therefore, currency markets will closely monitor the release of these data, which will have a strong impact on the Canadian dollar’s movements as they will provide a clearer picture of what the Bank of Canada should do in the coming period to control high inflation.

The Pound's Important Date with British Inflation Data

Currency markets await the release of British inflation data Wednesday morning amid expectations of a slowdown in British inflation from 8.7% to 8.2%. Therefore, if the actual reading of the index comes higher than expected, this will positively affect the pound’s movements as it will signal the Bank of England to continue raising interest rates, whereas if the data comes lower than expected, this may weaken the pound because it could make the Bank of England less keen to raise interest rates in its upcoming meetings.

Currency Markets and US Unemployment Claims Data

The data will be released on Thursday at 12:30 PM GMT, with expectations that the index will record an increase of about 242 thousand claims. Accordingly, currency markets will strongly monitor the release of this data, especially since it is expected to have a strong impact on the US dollar if it comes above or below currency market expectations.

Canadian Retail Sales and Canadian Dollar Movements

The data will be released on Friday at 12:30 PM GMT, and expectations indicate that the core index may grow by 0.2%, while the retail sales index may grow by 0.5% during last June. These data always have strong repercussions on currency market movements, specifically for the Canadian dollar, as they provide a clearer picture of consumer spending, which in turn affects inflation and thereby the Bank of Canada’s future decisions.