The Pound Sterling to US Dollar (GBP/USD), Pound Sterling to Canadian Dollar (GBP/CAD) and Pound Sterling to Turkish Lira (GBP/TRY) exchange rates are forecast for a bumpy ride this week with the UK, US, Canada and Turkey all scheduled to produce some interesting data.
Pound Sterling to Turkish Lira (GBP/TRY) Exchange Rate Forecast: Turkish Unemployment, General Election Aftermath to Impact TRY/GBP
The Pound Sterling to Turkish Lira (GBP/TRY) exchange rate could be in for some hefty movement on Monday with the release of Turkish Unemployment Rate data. Turkish unemployment is set to drop from 11.2% to 11.0% in the month of March and could allow the Lira (TRY) to rally if in line with forecasts.
This week saw the Turkish Lira (TRY) exchange rate suffer some massive losses after the Turkish general election gave a surprising result which caused speculation that a major political shakeup could be on the cards.
Although that’s it for Turkish data next week, the Turkish Consumer Confidence, Central Government Debt Central Bank of the Republic of Turkey (TCMB) interest rate decision, Business Confidence and Capacity Utilisation figures will all be out the following week and could impact the way in which investors trade the Lira (TRY).
Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Forecast: Canadian Inflation and Retail Sales Ahead
There’s a few events on the cards next week that could have a hefty impact on the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate, not to mention any variances in oil prices. Crude oil is Canada’s largest commodity and therefore any change in price can be responsible for some massive Canadian Dollar (CAD) exchange rate movements.
The week will begin with Monday’s Canadian Manufacturing Sales, Tuesday’s Foreign Securities Purchases, and Wednesday’s Wholesale Sales data which are all forecast to cause moderate ‘Loonie’ (CAD) exchange rate movement.
However, Friday will be far more influential with the release of the Canadian inflation stats. The Core Consumer Price Index (CPI) is expected to slip from 2.3% to 2.2% in May and could cause some interesting CAD/USD, CAD/TRY and CAD/GBP exchange rate movements.
Additionally, Canadian Retail Sales data will also be released on Friday which could cause some significant market fluctuations.
Pound Sterling to US Dollar (GBP/USD) Exchange Rate Forecast: FOMC Interest Rate Decision to Impact USD/GBP as Investors Price in Fed Rate Hike
The Pound Sterling to US Dollar (GBP/USD) exchange rate’s most interesting day next week is likely to Wednesday’s FOMC announcement. The rate decision is likely to be a source of major market movement for several months as investors gear up for a September Federal Reserve interest rate hike.
Thursday will be another major day for the US Dollar to Pound Sterling (USD/GBP) exchange rate with the release of the US Consumer Price Index stat. Any fall in inflation would be negative for the US Dollar (USD), whereas a rise would be welcomed by hawks who hope for a Fed rate hike.
Pound Sterling to Euro (GBP/EUR), US Dollar (GBP/USD), Turkish Lira (GBP/TRY) and Canadian Dollar (GBP/CAD) Exchange Rate Forecast: BoE Minutes Ahead
The Bank of England (BoE) is due to publish its meeting minutes on Wednesday which could cause some major GBP/EUR, GBP/USD, GBP/TRY and GBP/CAD exchange rate movements in the market.
If a division occurred between policymakers on the topic of interest rates, the Pound Sterling (GBP) exchange rate could be in for a massive rally.
Tuesday will also see the release of the UK’s own Consumer Price Index and inflation levels will be pivotal to the Pound’s strength in the market that day.
Thursday will see the release of UK Retail sales which is forecast to fall from 4.7% to 4.3% in May.
Friday will follow with the UK Public Finances, Central Government NCR and Public Sector Net Borrowing data which is all moderately influential to the Pound Sterling (GBP) exchange rate.
Any statements by the Bank of England or Federal Reserve next week could also cause some hefty GBP/EUR, GBP/TRY, GBP/USD and GBP/CAD movements.
On Friday, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending at 1.5581.
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending at 1.9180.
The Pound Sterling to Turkish Lira (GBP/TRY) exchange rate was trending at 4.2424.