FX DAILY REPORT – 17 February 2025
- The Rand opened stronger against all the majors this morning.
- South Africa could face potential tax shocks this Wednesday as Finance Minister Enoch Godongwana presents the 2025 budget. Possible increases in VAT, fuel levies, and personal and corporate taxes are expected to be key points of discussion. The impact of any tax hikes on the ZAR remains uncertain, as such measures could be perceived as either beneficial or harmful to the economy.
- US Retail Sales figures came out worse than expected across the board, with the most significant result being the Retail Sales (MoM) coming out at -0.9% compared to the expected -0.2%. This, along with Trumps plan to impose reciprocal taxes against all Countries taxing US imports, caused the USD to weaken.
Todays Events:
No Significant Economic events scheduled for today, it is a US Dollar Holiday though as the US celebrates Presidents’ Day.