FX DAILY REPORT – 25 November 2024
- The Rand opened stronger against all the majors this morning.
- Last week’s relatively hawkish comments from the South African Reserve Bank (SARB) contributed to a stronger ZAR. SARB officials dismissed the possibility of aggressive rate cuts, favouring a cautious approach. The central bank is expected to proceed with incremental 25-basis-point reductions throughout 2025.
- The USD has maintained its strength due to recent positive economic data, such as higher-than-expected consumer spending and positive labour market data releases. This has reinforced expectations that the US Feds may adopt a more gradual approach to rate cuts for the future.
Todays Events:
- German Ifo Business Climate at 11:00 – Expected to be 86.1 compared to previous 86.5. A higher-than-expected result can be seen as positive for the EUR.
- Eurozone ECB Member Lane Speech at 17:30