FX DAILY REPORT – 04 February 2025
- The Rand opened weaker against the GBP and stronger against the USD & EUR this morning.
- In response to former President Donald Trump’s comments on South Africa’s Expropriation Bill, President Cyril Ramaphosa has agreed to engage with Trump to foster a better understanding of the new legislation.
- In other news, President Trump has suspended the 25% trade tariffs on Canada and Mexico for at least 30 days after their leaders agreed to deploy 10,000 soldiers to the US borders to combat drug trafficking. Meanwhile, the 10% tariff on Chinese imports has officially taken effect today. In response, China has announced retaliatory tariffs on U.S. imports, including coal, liquefied natural gas, and crude oil, set to take effect next week.
Todays Events:
- US JOLTS Job Openings at 17:00 – Expected to be 8.010M compared to previous 8.098M. A higher-than-expected result can be seen as positive for the USD.
- US FOMC Member Bostic Speech at 18:00
- US FOMC Member Daly Speech at 20:15