FX DAILY REPORT – 22 January 2025
- The Rand opened stronger against the USD and weaker against the EUR & GBP this morning.
- The USD’s gains remain subdued amid trade uncertainty, driven by President Trump’s consideration of imposing 25% tariffs on imports from Canada and Mexico by February 1, 2025.
- Today’s focus is primarily on local data releases, including South Africa’s CPI inflation and retail sales figures. The CPI inflation data will be a critical factor in the South African Reserve Bank’s upcoming interest rate decision on January 30th.
Todays Events:
- South African CPI Inflation (YoY) at 10:00 – Previous result was 2.9%. A higher-than-previous result can be seen as positive for the ZAR.
- South African Retail Sales (YoY) at 13:00 – Previous result was 6.3%. A higher-than-previous result can be seen as positive for the ZAR.
- Eurozone ECB President Lagarde Speech at 17:15