FX DAILY REPORT – 11 March 2025
- The Rand opened weaker against all the majors this morning.
- Investors will be closely watching the South African Budget Speech tomorrow at 14:00, amid speculation about a possible VAT increase and the introduction of a wealth tax, both of which are putting pressure on the ZAR. We can expect the ZAR to be slightly more volatile both in the lead-up to and following the announcement.
- The EUR continues to strengthen, driven by a positive Eurozone outlook and the recently announced €500 billion infrastructure plan set to roll out over the next decade. In contrast, concerns over U.S. economic growth, particularly due to new tariff policies, have made the EUR appear more favourable than the USD.
Todays Event:
- US JOLTS Job Openings at 16:00 – Expected to be 7.650M compared to previous 7.600M. A higher-than-expected result can be seen as positive for the USD.