FX DAILY REPORT – 11 November 2024
- The Rand opened significantly weaker against all the Majors this morning.
- Gold prices have dropped to around $2,670.00, driven by renewed confidence in the USD as a safe-haven asset following Trump’s victory in the U.S. elections. The renewed confidence is providing strength for the USD.
- Donald Trump’s proposed increases in import tariffs have raised concerns globally, as they could disrupt economic growth for many trading partners, including South Africa. These tariffs, which are intended to support American manufacturing, may result in higher costs for foreign goods and potential trade retaliation, impacting economies that rely heavily on U.S. trade.
- The Bank of England remains firm that “a gradual approach to removing policy restraint remains appropriate. Monetary Policy will need to continue to remain restrictive for sufficiently long.” This relatively hawkish outlook is likely to support the GBP.
Todays Events:
No Significant Economic events for today, however it is a national holiday in the US (Veterans Day)