FX DAILY REPORT – 01 November 2024
- The Rand opened stronger against all the majors this morning.
- The EUR maintains its strength on top of strong economic data releases yesterday, with German Retail Sales coming out much higher than expected and the Eurozone CPI inflation also coming out higher than expected. These results will have decreased expectations of a larger interest rate cut and therefore provided strength for the EUR.
- Today, investors will be closely watching the US, as several major data releases are scheduled. The highlight will be the Non-Farm Payrolls report, which is expected to decrease significantly. While a 25 basis point rate cut is nearly fully priced in, the results could influence expectations if they come in stronger or weaker than forecasted.
Todays Events:
- US Average Hourly Earnings (MoM) at 14:30 – Expected to be 0.3% from previous 0.4%. A higher-than-expected result can be seen as positive for the USD.
- US Nonfarm Payrolls at 14:30 – Expected to be 106K from previous 254K. A higher-than-expected result can be seen as positive for the USD.
- US Unemployment Rate at 14:30 – Expected to remain the same at 4.1%. A higher-than-expected result can be seen as negative for the USD.
- US ISM Manufacturing PMI at 16:00 – Expected to be 47.6 from previous 47.2. A higher-than-expected result can be seen as positive for the USD.