Key FX dates in May 2024

Business finance
Thanim Islam

When it comes to navigating the complex world of foreign exchange and international payments, knowledge is your best ally. That's why we've compiled a guide to the key dates and financial events in May 2024 to be aware of when making cross-border payments.

Whether you're a seasoned trader or just dipping your toes into the financial waters, understanding these economic indicators can make a significant impact, and allow you to make informed financial decisions.

Read on to stay informed and discover how we can empower your international financial transactions, or visit our Economic Calendar for May.

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Monthly FX insights for May

Week 1: 01/05/24 - 03/05/24

Week one of the month and it's all about the US job numbers. Data over the course of this year has led to concerns that the US job market is still too strong, leading to markets pricing less rate cuts by the Federal Reserve (Fed). Should this continue, then this environment will continue to favour the dollar. This week, we also have the Fed meeting, but no change is expected in terms of rates.

Week 2: 06/05/24 - 10/05/24

It's a short week with the UK observing a bank holiday, but focus will fall on the Bank of England (BoE) interest rate decision. Whilst we do not expect the BoE change rates in the meeting, we'll be listening for hints on whether a rate cut could come in June versus current expectations of a rate cut in August. The Reserve Bank of Australia (RBA) will also have their rate meeting where no change is expected.

Week 3: 13/05/24 - 17/05/24

Week three is to be a big week for the pound and the dollar, with UK job numbers and US inflation numbers. Recent commentary from the BoE suggests that the job market is perhaps loosening and should this week's data further support this, then markets will likely increase their odds for a June rate cut.

Inflation is proving to be sticky still in the US and further enhancement of this in this week's numbers, and we may well not see a rate cut at all from the Fed this year. EU inflation numbers are due this week and whilst a June rate cut seems very likely, these numbers could well decide if the next rate cut comes in either July or September.

Week 4: 20/05/24 - 24/05/24

The Federal Open Market Committee (FOMC) meeting minutes are released this week.

Prior to this, the outcome and minutes from the interest rate decision and Fed meeting on May 1st will be key in understanding how the Fed are viewing current monetary policy. These insights will allows us to determine the general consensus of members and if they’re looking to remain hawkish in their approach, keeping inflation levels low.

UK inflation is also due this week and we could see a dip in the numbers following a revision lower of energy bills – once again this could add to higher odds of a June rate cut.

Week 5: 27/05/24 - 31/05/24

Another short week with the UK and US observing bank holidays, with key focus being on the core PCE number which is Fed’s preferred measure of inflation.

Whether you're a seasoned trader or just dipping your toes into the financial waters, understanding economic events can make a significant impact.

Why choose Equals Money for international payments?

Now that you're aware of the key economic events taking place in May 2024, let's talk about how Equals Money can elevate your international payments experience. Our service is designed to make your life easier and transactions smoother.

  • Competitive rates: We offer competitive exchange rates for over 140 different currencies to ensure you can get the most of out of each transaction when converting currencies or making cross-border transfers.
  • Tried & trusted: Since starting in 2005, our dedicated team has helped our customers move and manage over £10 billion around the world.
  • Fast payments: With connections to SWIFT, UK Faster Payments, and SEPA, make same-day and next-working-day transfers to make sure your money reaches where it needs to promptly.
  • Range of solutions: Make payments using our full portfolio of options such as spot trades (a one-off instant transfer using the live exchange rate), forward contracts (fix a current exchange rate for a future transaction up to 24 months in advance), and more.*
  • Currency expertise: You'll get the support and expertise of a specialist currency account manager who can help you put together a strategy for overseas payments.


In conclusion, staying informed about key economic calendar indicators, events, and dates is vital for making informed financial decisions. Whether you're monitoring GBP, EUR, or USD, these dates can significantly impact your currency exchange rates.

For the dates, events, and economic indicators that matter most to businesses, investors, and economic enthusiasts. Our Economic Calendar offers comprehensive insights into the meaningful indicators influencing market movements and FX rates across the UK, US, and EU. Visit our Economic Calendar for May.

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*Equals Money can only offer forward contracts to facilitate payments for goods and services.

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