FX DAILY REPORT – 25 September 2024
- The Rand opened stronger against the USD, and opened with little to no change against the GBP and EUR.
- Gold continues its bullish trend and has reached a new all time high of $2,670.00. This is a result of the current risk averse sentiment held by investors as the USD continues to weaken and the Middle East conflict continues to heat up. The stronger gold should be providing support for the ZAR.
- US CB Consumer Confidence came out significantly lower than expected yesterday at 98.7 compared to expected 103.9 and previous 105.6. This sparked a new projection of another 50-basis point cut by the Feds in September, with CME’s FedWatch Tool pricing in a 60% chance of a 50-basis point cut for November.
Todays Events:
- US New Home Sales at 16:00 – Expected to decrease to 699k from previous 739k. A higher-than-expected result can be seen as positive for the USD.