FX DAILY REPORT – 13 January 2025
- The Rand weakened significantly against all the majors this morning.
- The USD is currently at a 10-month high against the ZAR, propelled by investor confidence in Donald Trump as we inch closer to the 20th of January when he will be sworn in as President. Additionally, the Non-farm payrolls report released on Friday afternoon came in significantly higher than expected at 256K compared to the expected 164K.
- The strength of the USD can also be attributed to the fact the Feds are unlikely to cut interest rates in the January meeting. The US is currently expected to only have 2 rate cuts this year, as inflation results come in this year, we may see this expectation either increase or decrease.
Todays Events:
There are no significant economic events scheduled for today.