FX DAILY REPORT – 06 December 2024
- The Rand opened stronger against the USD & GBP, and weaker against the EUR this morning.
- The USD weakened yesterday following the release of the Initial Jobless Claims data, which came in higher than anticipated at 224K versus the expected 215K. While the difference is not significant, it offers investors hints about what to expect from today’s Non-Farm Payrolls report.
- Todays labour data releases for the US will be the main highlights for the day, as investors continue to weigh in on the interest rate decision that will take place on the 18th of December. The markets currently predict a 75% chance of a 25-basis-point rate cut.
Todays Events:
- Eurozone GDP Growth Rate (YoY) 3rd Est. at 12:00 – Expected to be 0.9% compared to previous 0.6%. A higher-than-expected result can be seen as positive for the EUR.
- US Average Hourly Earnings Growth (MoM) at 15:30 – Expected to be 0.3% compared to previous 0.4%. A higher-than-expected result can be seen as positive for the USD.
- US Non-Farm Payrolls at 15:30 – Expected to be 202K compared to previous 12K. A higher-than-expected result can be seen as positive for the USD.
- US Unemployment Rate at 15:30 – Expected to be 4.2% compared to previous 4.1%. A higher-than-expected result can be seen as negative for the USD.