GBP, USD, JPY, CAD, EUR: Credit Agricole's short term swing forecast for this week (23 May 2016)

"We believe that the EUR/USD will consolidate in the coming weeks, especially as the ECB is in no way ready to ease monetary policy again and because long-term inflation expectations have remained stable lately. There is little room for an evolution in terms of short term monetary divergence expectations. We therefore believe that there is upside risk on the EUR/CHF and EUR/JPY. We remain bullish on these two pairs.

Other currencies:

CAD: The BoC will likely not be more dovish despite recent disappointing statistics. The CAD's upside potential against the USD remains limited.

GBP: If growth figures indicate that economic activity has continued despite fears of a Brexit, the risk will remain for a rise.

JPY: The cross has not stabilised enough to ease off expectations of monetary easing", says the Credit Agricole bank.