FX DAILY REPORT – 24 January 2025
- The Rand opened weaker against all the majors this morning.
- President Trump stated yesterday, “With oil prices going down, I’ll demand the US Federal Reserve to cut interest rates immediately, and likewise, they should be dropping all over the world.” Despite his remarks, investors continue to expect the Federal Reserve to maintain interest rates at their current levels. The announcement did not trigger any significant market reaction.
- Furthermore, Trump expressed his intention to “obliterate” the U.S. budget deficit while proposing the largest tax cut in American history. Investors remain cautious, adopting a wait-and-see approach regarding how these policies will be implemented and their potential impact on the economy.
Todays Events:
- US S&P Global Services PMI at 16:45 – Expected to be 56.4 compared to previous 56.8. A higher-than-expected result can be seen as positive for the USD.
- US S&P Global Manufacturing PMI at 16:45 – Expected to be 49.8 compared to previous 49.4. A higher-than-expected result can be seen as positive for the USD.
- US Existing Home Sales at 17:00 – Expected to be 4.19M compared to previous 4.15M. A higher-than-expected result can be seen as positive for the USD.
- US Michigan Consumer Sentiment at 17:00 – Expected to be 70.2 compared to previous 74.0. A higher-than-expected result can be seen as positive for the USD.