FX DAILY REPORT – 21 October 2024
- The Rand opened stronger against all the majors this morning.
- This week we can look forward to the South African CPI Inflation results being released on Wednesday morning at 10:00. SARB Governor, Lesetja Kganyago mentioned on Thursday last week that the country could move to a lower inflation target at little cost, conveying a positive economic outlook for the time being.
- Recent comments from ECB officials indicate that they are increasingly comfortable with the Eurozone’s inflation outlook. This is supported by the last CPI release showing only 1.7% growth, 0.3% below the ECB’s inflation target. This has brought about speculation for the potential of a larger interest rate cut of 50 basis points at the next meeting.
Todays Events:
- German PPI (MoM) at 8:00 – Expected to see 0.1% growth from previous 0.2% growth. PPI is typically seen as a leading indicator for future CPI results.
- 3 Fed speeches today that could provide further insights into the Feds current economic outlook:
- Fed Logan Speech at 14:55
- Fed Kashkari Speech at 19:00
- Fed Schmid Speech at 23:05