FX DAILY REPORT – 05 November 2024
- The Rand opened stronger against all major currencies this morning, with the EUR holding its strength and only slightly weakening by 0.03% against the ZAR.
- Today, Americans head to the voting stations to choose their next president. Polls have fluctuated slightly throughout the week, but the most recent data suggests Harris may have a slight edge over Trump. The USD has been softening in anticipation of this election, and we can expect increased USD volatility as results come in.
- Currently, investors favour Trump, and a win for him would likely strengthen the USD. If Harris wins, she is expected to maintain existing policies, which investors currently view as a negative for the USD.
Todays Events:
- US Presidential Election opens at 12:00 – The US citizens will be voting today and we can expect volatility in the USD as votes are counted. The final result may be announced later today or tomorrow, given that there are no issues, disputes or recounts needed.
- South African S&P Global PMI at 9:15 – Previous result was 51.0. A higher than previous figure can be seen as positive for the ZAR.
- US ISM Non-Manufacturing PMI at 17:00 – Expected to be 53.7 from previous 54.9. A higher-than-expected result can be seen as positive for the USD.