FX DAILY REPORT – 03 December 2024
- The Rand opened weaker against the USD and stronger against the GBP & EUR.
- The USD strengthened yesterday resulting from the higher-than-expected ISM Manufacturing PMI results, coming in at 48.4 compared to the expected 47.7.
- Donald Trump’s threat to impose 100% tariffs on BRICS nations that adopt or support a new currency to replace the USD weakened the ZAR yesterday, given South Africa’s membership in BRICS. Although Cyril Ramaphosa released a statement mentioning no plans of moving to a new currency, the association with BRICS will likely limit ZAR gains for the moment.
Todays Events:
- South African Manufacturing PMI at 11:00 – Previous months result was 52.8. A higher than previous result can be seen as positive for the ZAR. (Moved from yesterday to today)
- South African GDP Growth (QoQ) at 11:30 – Previous quarters result was 0.4%. A higher than previous result can be seen as positive for the ZAR.