FX DAILY REPORT – 04 December 2024
- The Rand opened stronger against the USD and weaker against the GBP & EUR.
- The US JOLTS Job Openings report released yesterday showed a strong figure of 7.744 million, well above the expected 7.510 million. A high number of job openings is typically viewed as a positive signal of economic growth. Despite recent positive data from the US, market reactions have been muted.
- In South Africa, GDP growth for Q3 declined by 0.3% quarter-on-quarter, largely due to a regional drought that caused agricultural production to drop. While the GDP figures were disappointing, analysts remain optimistic about a recovery in Q4 and continued growth into 2025. Similar to the US, this data release had little to no impact on the markets.
Todays Events:
- Eurozone HCOB Services PMI at 11:00 – Expected to be 49.2 compared to previous months 51.6. A higher-than-expected result can be seen as positive for the EUR.
- US ADP Nonfarm Employment Change at 15:15 – Expected to be 166K compared to previous months 233K. A higher-than-expected result can be seen as positive for the USD.
- US ISM Non-Manufacturing PMI at 17:00 – Expected to be 55.5 compared to previous months 56.0. A higher-than-expected result can be seen as positive for the USD.
- US Fed Chairman Powell Speech at 20:45