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FX DAILY REPORT – 03 March 2025

  • The Rand opened significantly weaker against all the majors this morning.
  • South Africa’s strained relations with the U.S. have escalated after President Ramaphosa criticized U.S. policy on Israel and backed an ICC arrest warrant for Israeli Prime Minister Netanyahu. This has fuelled concerns over potential financial sanctions, which could affect the economy and investor sentiment, contributing to the weaker ZAR.
  • Gold price also retreats, reaching a low of $2,835.00 on Friday evening. This will also be contributing to the weaker ZAR.

Todays Events:

 

  • German Manufacturing PMI at 10:55 – Expected to be 46.1 compared to previous 45.0. A higher-than-expected result can be seen as positive for the EUR.
  • South African PMI at 11:00 – Previous result was 45.3. A higher-than-previous result can be seen as positive for the ZAR.
  • UK S&P Global Manufacturing PMI at 11:30 – Expected to be 46.4 compared to previous 48.3. A higher-than-expected result can be seen as positive for the GBP.
  • Eurozone CPI Inflation Est. (YoY) at 12:00 – Expected to be 2.3% compared to previous 2.5%. A higher-than-expected result can be seen as positive for the EUR.
  • US S&P Global Manufacturing PMI at 16:45 – Expected to be 51.6 compared to previous 51.2. A higher-than-expected result can be seen as positive for the USD.