FX DAILY REPORT – 11 December 2024
- The Rand opened weaker against all the majors this morning.
- The USD strengthened slightly yesterday as investors shifted their attention to the US CPI inflation data, scheduled for release today at 15:30. This report is one of the final major economic events that could impact the Federal Reserve’s decision on cutting interest rates on December 18th.
- Alongside the US CPI inflation release, South Africa’s CPI inflation figures are also set to be announced today at 10:00. If inflation meets or exceeds the forecast of 3.1%, the ZAR could strengthen, as SARB members might adopt a more cautious stance on further rate cuts in 2025.
Todays Events:
- South African CPI Inflation (YoY) at 10:00 – Expected to increase to 3.1% compared to previous months 2.8%. A higher-than-expected result can be seen as positive for the ZAR.
- South African Retail Sales Growth (YoY) at 13:00 – Previous months result was 0.9%. A higher than previous result can be seen as positive for the ZAR.
- US CPI Inflation (YoY) at 15:30 – Expected to increase to 2.7% compared to previous months 2.6%. A higher-than-expected result can be seen as positive for the USD.