FX DAILY REPORT – 11 February 2025
- The Rand opened stronger against all the majors this morning.
- Gold surged to a new all-time high of $2,942.00 early this morning but quickly retreated to its current level of $2,923.00. The elevated gold price is likely providing support for the ZAR, though Trump’s proposed 25% tariffs on all aluminium and steel imports to the U.S. could put pressure on the currency.
- Today’s focus will be on multiple Fed speeches, including Fed Chairman Powell’s testimony on the economic outlook and monetary policy. The first part will be a prepared statement, followed by a Q&A session that could offer insights into the Fed’s future plans.
Todays Events:
- South African Manufacturing Production (YoY) at 13:00 – Previous result was -2.6%. A higher-than-previous result can be seen as positive for the ZAR.
- UK BoE Governor Bailey Speech at 14:15
- US Fed Chairman Powell Testifies at 17:00 – Powell will testify on the economic outlook and recent monetary policy actions.
- US Fed Member Bowman Speech at 22:30
- US Fed Member Williams Speech at 22:30