FX DAILY REPORT – 13 November 2024
- The Rand opened weaker against all the Majors this morning.
- The GBP weakened compared to the other majors on poor unemployment rate results yesterday. Unemployment rose to 4.3% from expected 4.1% and previous 4.0%. Although unemployment results were poor, the Average Earnings Index + Bonus did increase to 4.3% from previous 3.9%, this will be limiting losses.
- USD continues to lead the way, breaking a 2-month high. Todays main events will be the US CPI Inflation releases at 15:30, the markets expect inflation to remain the same on most fronts and increase slightly for CPI (YoY). If CPI inflation results come out higher than expected, we will likely see further strengthening for the USD.
Todays Events:
- UK BoE Member Mann Speech at 11:45
- US CPI Inflation (YoY) at 15:30 – Expected to be 2.6% from previous 2.4% A higher-than-expected result can be seen as positive for the USD.
- US Fed Member Kashkari Speech at 15:30
- US Fed Member Williams Speech at 16:30