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FX DAILY REPORT – 10 December 2024

  • The Rand opened significantly stronger against all the majors this morning.
  • The ZAR strengthened yesterday following news that China’s central bank had resumed gold purchases after a six-month pause. The resulting increase in gold prices, one of South Africa’s largest export commodities, contributed to the currency’s improved performance.
  • South Africa’s latest CPI inflation data is set to be released tomorrow, with economists predicting an increase to 3.1% from 2.8% in the previous month. This data release will be important for SARB members to decide on whether to cut interest rates at the next interest rate decision in January 2025.

Todays Events:

 

  • German CPI Inflation (YoY) at 9:00 – Expected to increase to 2.2% from previous months 2.0%. A higher-than-expected result can be seen as positive for the EUR.
  • South African Mining Production Growth at 11:30 – Previous months result was 4.7%. A higher than previous result can be seen as positive for the ZAR.
  • South African Gold Production Growth at 11:30 – Previous months result was -3.7%. A higher than previous result can be seen as positive for the ZAR.