FX DAILY REPORT – 05 February 2025
- The Rand opened stronger against the USD and marginally weaker against the GBP & EUR this morning.
- US JOLTS Job Openings came out lower than anticipated yesterday, at 7.600M compared to the expected 8.010M. This likely caused the USD to weaken, in addition to the trade tariffs against Canada and Mexico being delayed until March at the earliest.
- Investors are eagerly awaiting two key events this week: the US Nonfarm Payrolls report on Friday and the Bank of England’s interest rate decision on Thursday. The Nonfarm Payrolls figure is expected to show a sharp decline from last month, while the Bank of England is anticipated to cut interest rates by 25 basis points. If either outcome deviates from expectations, we could see volatility in the respective currencies.
Todays Events:
- US ADP Nonfarm Employment Change at 15:15 – Expected to be 148K compared to previous 122K. A higher-than-expected result can be seen as positive for the USD.
- US S&P Global Services PMI at 16:45 – Expected to be 52.8 compared to previous 56.8. A higher-than-expected result can be seen as positive for the USD.
- US ISM Non-Manufacturing PMI at 17:00 – Expected to be 54.2 compared to previous 54.1. A higher-than-expected result can be seen as positive for the USD.