FX DAILY REPORT – 10 March 2025
- The Rand opened weaker against all the majors this morning.
- Despite the current USD weakness, President Trump took aim at South Africa on Friday afternoon, causing the ZAR to weaken against all currencies.
- He announced that all federal funding to South Africa would be halted and that farmers with family members seeking to flee due to safety concerns would be offered a fast-tracked path to U.S. citizenship. This decision is directly linked to the ongoing land expropriation policy.
- Following Trumps announcement, the FW de Klerk Foundation denounced Trumps claims that white farmers are being targeted in South Africa, claiming the absence of any credible evidence.
Todays Events:
- German Industrial Production at 9:00 – Expected to be 1.6% compared to previous -2.4%. A higher-than-expected result can be seen as positive for the EUR.