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FX DAILY REPORT – 20 January 2025

  • The Rand opened stronger against all the majors this morning.
  • Today marks the inauguration of Donald Trump as President. While it is a USD holiday due to Martin Luther King Jr. Day, the currency could experience significant volatility based on any statements made by the new president.
  • UK Retail Sales results released on Friday came out significantly lower than expected. Recent UK data releases have also been relatively poor and this latest release has contributed to the weakening of the GBP.

Todays Events:

 

  • US Bank Holiday (Martin Luther King Jr. Day)
  • German PPI (MoM) at 9:00 – Expected to be 0.3% compared to previous 0.5%. A higher-than-expected result can be seen as positive for the EUR.
  • Eurogroup Meetings at 12:00 – Economists and Central Bank Members will likely discuss the current and future economic outlook for the Eurozone, any comments regarding monetary policy could influence the EUR.