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FX DAILY REPORT – 20 September 2024

  • The Rand opened stronger against the USD and weaker against the EUR & GBP this morning.
  • The USD continues to weaken as a result of the 50-basis point cut and the slight concerns of a potential recession. Investors continue to flock from USD to alternative safe-haven assets such as the GBP, EUR and Gold.
  • The GBP is drawing strength from the BoEs decision to keep interest rates unchanged announced yesterday.
  • The ZAR will be slightly benefiting from the high Gold price, which has continued to rally since the US Feds Interest rate decision on Wednesday and is on track to break $2,600.00.

Todays Events:

 

  • UK Retail Sales (YoY) at 8:00 – Expected to remain the same at 1.4%. Came out higher than expected at 2.5%. This caused the GBP to strengthen slightly.