FX DAILY REPORT – 17 October 2024
- The South African Rand weakened in early Thursday as Investors await U.S Retail Sales data, which could provide insight into the Federal reserves interest rate direction for the year.
- The Dollar surged to a two-month high as the former president Donald Trump defended his proposal to significantly increase tariffs on foreign imports. Trump trade policies are expected to strengthen the dollar by curbing the outflow of currency overseas and potentially driving up inflation and interest rates.
- The ECB is expected to announce a 25-basis point cut in its main deposit rate during it’s upcoming meeting today. Markets are anticipating a 25-basis point reduction in the EBSs main refinancing rate, brining it down from 3.4% to the current 3.65%
Todays Events:
- 14:15 ECB interest rate decision expected 3.25% from 3.5%
- 14:30 Initial jobless claims – Expected 296.9K from 258.0k
- 14:30 Retail sales M0M – Expected 0.2% from 0.1%