The end of the week spelled bad news for the Australian and Kiwi dollars.
The Australian dollar fell by almost a quarter of a percentage point in the AUD/USD pair, reaching $0.6892 at one stage.
This represented a drop of 1.5% over the course of the week, and its steepest plunge since the middle of May.
This came after reports that the Australian central banking system, the Reserve Bank of Australia, might cut interest rates again over the summer.
It took 0.25% off rates at a recent meeting. The New Zealand dollar is facing the same problems.
Outside of the Antipodes, the US dollar index went up by 0.1% after predictions that sales growth in the country would rise by 0.3% in May – as opposed to its paltry 0.1% rise the month before.
As this foreign exchange trading week draws to a close, it’s time to take a look at what’s on the horizon next week.
Monday, there will be inflation report hearings in Britain, which are taking place at an as yet unspecified time.
European labour cost information for the first quarter of 2019 is due at 9am GMT. This is expected to show a change from 2.3% to 2.6%.
The German Bundesbank will release its monthly report at 10am GMT.
The Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York is due out at 12.30pm GMT, covering the month of June. This is expected to show a change from 17.80 to 12.75.
Looking ahead to Tuesday, the Reserve Bank of Australia will release its meeting minutes at 1.30am GMT.
The June economic sentiment survey published by ZEW in Germany is due at 9am GMT and is expected to show a change from -2.1 to +0.5.
European consumer price index figures for May are expected at 9am GMT and are predicted to show a month on month change from 0.7% to 0.3%.
US building permits data for the month of May will be out at 12.30pm GMT. These are expected to show a month on month change from 1,290,000 to 1,300,000.
Japanese trade balance data for May will round off the day at 11.50pm GMT. Exports are forecast to show a year on year change from -2.4% to -1.8%, while imports are expected to reveal a change from 6.5% to 4.8% year on year.
On Wednesday, there’ll be a consumer price index release from the UK covering the month of May. This is due out at 8.30am GMT and is expected to show a year on year change from 2.1% to 2.2%.
The Bank of Canada’s consumer price index will be out later in the day at 12.30pm GMT, also covering May. This is expected to reveal a year on year change from 1.5% to 1.2%.
The big event of the week will be the Federal Reserve’s interest rate decision in the US, which is due out at 6pm on Wednesday.
Speculation has been rife that the Fed will cut interest rates at some point this year, but analysts are currently expecting rates to hold firm at 2.5%.