FX DAILY REPORT – 26 November 2024
- The Rand opened slightly stronger against the USD & GBP this morning, and weaker against the EUR.
- Trump announces plans to impose a 25% tariff on all imported goods from Canada and Mexico, and an additional 10% on goods from China once he takes over office in January. This aggressive approach has raised concerns around a global trade war and has subsequently caused the USD to strengthen as investor risk sentiment increases.
- Today’s events are all focused on the US, featuring CB Consumer Confidence, US New Home Sales, and the highly anticipated FOMC Meeting Minutes. Investors will be paying close attention to the Meeting Minutes, seeking insights into the reasoning behind the recent rate cut and potential signals of future rate cuts.
Todays Events:
- US CB Consumer Confidence at 17:00 – Expected to increase to 112.0 from previous months 108.7. A higher-than-expected result can be seen as positive for the USD.
- US New Home Sales at 17:00 – Expected to decrease to 724K from previous months 738K. A higher-than-expected result can be seen as positive for the USD.
- US FOMC Meeting Minutes at 21:00 – Released three weeks after each FOMC interest rate decision meeting, these minutes provide valuable insights into the current views of FOMC members and frequently offer indications of potential future interest rate decisions.