FX DAILY REPORT – 18 February 2025
- The Rand opened stronger against the EUR and weaker against the USD & GBP this morning.
- The Trump administration and Russian officials are set to meet later today in Saudi Arabia, aiming to strengthen relations and negotiate a resolution to the ongoing war in Ukraine. The outcome of these discussions could pave the way for a future meeting between President Trump and President Putin.
- Meanwhile, the euro remains under pressure as European Central Bank members express confidence in their outlook for three additional rate cuts this year, despite a gradual rise in inflation since last September.
Todays Events:
- UK Unemployment Rate at 9:00 – Expected to rise to 4.5% compared to current 4.4%. A higher-than-expected result can be seen as negative for the GBP.
- South African Unemployment Rate at 11:30 – Current rate is 32.10%. If the unemployment rate decreases, that could be seen as positive for the ZAR.
- US President Trump Speech (Tentative) between 20:00 and 23:00 – This speech will likely take place after the meeting with Russian President Putin. We may see some volatility in the markets depending on what is said in the speech.