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FX DAILY REPORT – 01 October 2024

  • The Rand opened weaker against all the majors this morning.
  • The reason for the ZARs weakening may be linked to the strengthening of the USD. Fed Chairman, Jerome Powell disregarded a possible 50 basis point rate cut for the November meeting and mentioned that if the economy evolves as expected, we could see 2 more 25-basis point cuts in 2024.

Todays Events:

 

  • Eurozone CPI Inflation (YoY) Est. at 11:00 – Expected to decline to 1.8% from previous months 2.2%. A higher-than-expected result can be taken as positive for the EUR.
  • South African Manufacturing PMI at 11:00 – Previous result was 43.6. A higher than previous result can be taken as positive for the ZAR.
  • US S&P Global Manufacturing PMI at 15:45 – Expected to be 47.0 from previous months 47.9. A higher-than-expected result can be taken as positive for the USD.
  • US JOLTs Job Openings at 16:00 – Expected to decline to 7.640M from previous months 7.673M. A higher-than-expected result can be taken as positive for the USD.