FX DAILY REPORT – 13 March 2025
- The Rand opened weaker against all the majors this morning.
- The ZAR weakened yesterday following the South African Budget Speech as disagreements in the GNU persist, despite the revised VAT hike of 0.5% set to take effect on the 1st of May, with an additional 0.5% increase planned for 2026. The ongoing disagreements in the GNU are raising concerns of political instability in South Africa which may limit ZAR gains.
- In the US, CPI inflation eased more than expected in February, fuelling speculation that the Federal Reserve could cut interest rates sooner than anticipated, which may cap USD gains.
Todays Events:
- South African Gold Production at 11:30 – Previous result was -8.4%. A higher-than-previous result can be seen as positive for the ZAR.
- South African Mining Production at 11:30 – Previous result was -2.4%. A higher-than-previous result can be seen as positive for the ZAR.
- South African Manufacturing Production (YoY) at 13:00 – Previous result was -1.2%. A higher-than-previous result can be seen as positive for the ZAR.
- US Initial Jobless Claims at 14:30 – Expected to be 226K compared to previous 221K. A higher-than-expected result can be seen as negative for the USD.
- US PPI (MoM) at 14:30 – Expected to be 0.3% compared to previous 0.4%. A higher-than-expected result can be seen as positive for the USD.