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The financial markets were completely caught off guard with the ECB shock on Thursday subsequently followed by an inconsistently weak US employment report on Friday. While both of these surprises encouraged turbulence in the currency markets, we must not disregard what is also scheduled for this week.

On Tuesday morning the latest UK Trade Balance, industrial and Manufacturing Production are all released. Investors will be looking at the industrial and manufacturing production releases particularly due to these two sectors being previously highlighted as areas for potential UK job growth. Additionally, both these sectors remain UK GDP contributors and investors will be keen to gather an understanding towards what economic momentum the UK economy is carrying into the 3Q.

However, a scheduled speech by Bank of England (BoE) Governor Carney late Tuesday morning is the most likely to attract the focus of investors. The GBPUSD has declined dramatically since the BoE Inflation Report in August and investors will be keeping a very close eye on Carney’s current timeframe for an potential interest rate hike.

Additionally, it now appears probable that Governor Carney will be required to answer questions regarding what economic impact an independent Scotland would have on the UK economy. The prospect of Scottish independence has gained serious momentum over the past week and caused unease among investors. The GBPUSD has declined by nearly 500 pips since last Tuesday alone, with an independent Scotland not being previously priced into the markets. With the latest YouGov poll indicating that “Yes” votes are now in the lead, an additional decline in GBP remains possible.

If further GBP weakness is forthcoming, potential GBPUSD support levels can be found at 1.6062 and 1.5988. Furthermore, although the EU economic sentiment may have reached a new low following the ECB decision last week, further GBP weakness may provide an opportunity for the EURGBP to finally surpass the psychological 0.8035 resistance barrier. Since late July, the EURGBP has rejected 0.8035 on at least four different occasions and is once again attempting to push past it. Further EURGBP resistance is located at 0.8047, 0.8062 and 0.8083.

Moreover, the Reserve Bank of New Zealand (RBNZ) interest rate announcement on Wednesday evening is also one to keep an eye out for. It seems almost certain that the RBNZ will leave rates unchanged this month. However, the tone in which the RBNZ monetary statement is delivered will be key towards what direction the NZD next moves.

Despite a continuing flow of negative economic releases from New Zealand recently, the RBNZ still appear keen to bring monetary policy back towards a neutral level. Therefore, there remains a chance of at least one more rate hike before the year is out. If the central bank suggests they still see risks with the housing sector or inflation, the market may begin to price in another interest rate hike.

Potential NZDUSD resistance can be found at 0.8387 and 0.8347, while potential NZD strength would also allow the AUDNZD to pullback after the pair last week reached its highest valuation since November 2013. Potential AUDNZD support levels can be found located at 1.1201 and 1.1133.

Although the week after the NFP release is generally quiet in the US, Advance Retail Sales data is released this Friday afternoon and represents an event risk. Consumer expenditure is the largest US GDP component and represents around 70% of the US economy, with retail sales reportedly representing around 30% of this figure. Following last week’s impressive news that manufacturing was growing at its fastest rate since March 2011, investors will be looking for more signs of positive momentum for the United States Q3 GDP.

Although the Federal Reserve and Chairperson Janet Yellen currently seem to be all about the labor markets when it comes to discussing monetary normalization, there will be a time when economic releases such as Advance Retail Sales will have more of an impact on discussions for a US interest rate rise.