FX DAILY REPORT – 13 February 2025
- The Rand opened weaker against all the majors this morning.
- US CPI inflation results released yesterday afternoon came out higher than expected for all inflation figures. This caused the USD to strengthen as this will cause the Feds to maintain a more hawkish stance and future rate cuts are unlikely if inflation continues to increase.
- Jerome Powell Reiterated the hawkish stance in his testimony yesterday evening, stating that, “We want to keep policy restrictive for now”. Indicating no future rate cuts in the near future.
- The main market movers for today will be the UK GDP results and the German CPI results being released at 9:00am.
Todays Events:
- UK GDP Growth (YoY) at 9:00 – Expected to increase to 1.1% compared to previous 0.9%. A higher-than-expected result can be seen as positive for the GBP.
- German CPI Growth (YoY) at 9:00 – Expected to decrease to 2.3% compared to previous 2.6%. A higher-than-expected result can be seen as positive for the EUR.
- South African Gold Production (YoY) at 11:30 – Previous result was -11.5%. A higher-than-previous result can be seen as positive for the ZAR.
- South African Mining Production at 11:30 – Previous result was -0.9%. A higher-than-previous result can be seen as positive for the ZAR.
- US Initial Jobless Claims at 15:30 – Expected to be 217K compared to previous 219K. A higher-than-expected result can be seen as negative for the USD.