FX DAILY REPORT – 02 October 2024
- The Rand opened weaker against all the majors this morning.
- The USD continues to strengthen against the ZAR as bets of a 50-basis point cut continue to decrease after Fed Chairman Jerome Powell’s hawkish comments on Monday. PMI and JOLTs job opening releases yesterday came out with mixed results and failed to provide a clearer view of the path for Fed rate cuts.
Todays Events:
- Eurozone Unemployment Rate at 11:00 – Expected to remain the same at 6.4%. A higher-than-expected result can be taken as negative for the EUR.
- ADP Nonfarm Employment change at 14:15 – Expected to increase to 124K from previous 99K. A higher-than-expected result can be taken as positive for the USD.