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FX DAILY REPORT – 14 February 2025

  • The Rand opened stronger against the USD and weaker against the GBP & EUR this morning.
  • The Johannesburg Stock Exchange (JSE) reached a new all-time high yesterday, fuelled by Richemont SA’s strong rally. This momentum is likely to lend support to the ZAR.
  • In the UK, better-than-expected GDP growth data provided a much-needed win for the Bank of England, easing concerns over economic stagnation. This caused the GBP to strengthen significantly.
  • The USD weakened yesterday on declining US Treasury yields. When US Treasury yields decline, investors earn less return on US bonds. This makes the USD less attractive to foreign investors.

Todays Events:

 

  • US Core Retail Sales (MoM) at 15:30 – Expected to be 0.3% compared to previous 0.4%. A higher-than-expected result can be seen as positive for the USD.
  • US Retail Sales (MoM) at 15:30 – Expected to be -0.2% compared to previous 0.4%. A higher-than-expected result can be seen as positive for the USD.