FX DAILY REPORT – 06 November 2024
- The Rand opened stronger against all major currencies as today’s session opened. However, since opening, the Rand has weakened significantly against all the majors.
- As the US election results pour in, a Trump win looks highly likely and this has been the reason for the strengthening USD. We are currently trading at 17.75 and the high of the day is 17.81. We can expect the USD to be highly volatile today, however the outlook is that the USD will continue strengthening on the condition that Trump wins the election.
- There are a few economic events today, however all focus will be on the US election and these events are far less likely to spark a market reaction.
Todays Events:
- Eurozone HCOB Services PMI at 11:00 – Expected to be 51.2 from previous 51.4. A higher-than-expected result can be seen as positive for the EUR.
- UK S&P Global Construction PMI at 11:30 – Expected to be 55.3 from previous 57.2. A higher-than-expected result can be seen as positive for the GBP.
- ECB President Lagarde Speech at 16:00
- German Bundesbank President Nagel Speech at 16:10