FX DAILY REPORT – 08 October 2024
- The Rand opened stronger against all the majors this morning.
- The Middle East conflict continues to heat up as Israel returns fire on Northern Gaza and is expected to retaliate against Iran for last week’s missile strike. As the fighting continues, we can expect investors to be increasingly risk averse. This risk aversion could cause the ZAR to weaken.
- The USD will be benefiting from the increased bets of only a 25-basis point rate cut for the November interest rate decision and the increasing geopolitical risk caused by the Middle East conflict. Investors are highly anticipating the release FOMC meeting minutes and US CPI inflation results on Wednesday and Thursday.
Todays Events:
- US Fed Member Kugler Speech at 9:00
- ECB Member Schnabel Speech at 9:00
- ECB Member McCaul Speech at 12:15
- US Fed Member Bostic Speech at 18:45