FX DAILY REPORT – 17 March 2025
- The Rand opened stronger against all the majors this morning.
- The strength of the ZAR can be largely attributed to high commodity prices, particularly gold, which surged to a record high above $3,000 on Friday.
- Meanwhile, relations between the US and South Africa continue to decline. South Africa’s ambassador to the US is “no longer welcome” in the country after openly criticizing Trump and his Make America Great Again supporters, describing them as a “supremacist” movement that promotes “white victimhood.” This may cause ZAR volatility.
Todays Events:
- US Core Retail Sales (MoM) at 14:30 – Expected to be 0.3% compared to pervious -0.4%. A higher-than-expected result can be seen as positive for the USD.
- US Retail Sales (MoM) at 14:30 – Expected to be 0.6% compared to previous -0.9%. A higher-than-expected result can be seen as positive for the USD.