FX DAILY REPORT – 04 November 2024
- The Rand opened stronger against the USD & EUR and weaker against the GBP this morning.
- We have a massive week ahead of us with The US Presidential election on Tuesday, and 2 interest rate decisions on Thursday from the Feds (US) and the BoE (UK). The big mover will be the outcome of the US elections. Polls are showing a very close race between Trump and Harris. Investors remain slightly cautious of the outcome, and this will likely be limiting any USD gains for the time being.
- US Nonfarm Payrolls came out at a disappointing 12K increase from the expected 106K. Although this lower-than-expected result did cause the USD to weaken momentarily, the odds of a larger rate cut did not increase, and the current prediction stands at 99.9% chance of a 25-basis point rate cut.
Todays Events:
- Eurozone Manufacturing PMI at 11:00 – Expected to be 45.9 from previous 45.0. A higher-than-expected result can be seen as positive for the EUR.
- German Bundesbank President Nagel Speech at 12:00
- ECB Member Elderson Speech at 15:30
- ECB McCaul Speech at 17:15