FX DAILY REPORT – 27 November 2024
- The Rand opened weaker against all the majors this morning.
- The US FOMC meeting minutes released yesterday evening, revealed mixed views, with some members suggesting a pause in the rate-cutting cycle to maintain restrictive levels and others suggesting an acceleration in the rate cutting cycle if the labour market or economy shows signs of weakness. Overall, the minutes reflected a cautious approach by the Feds.
- Trump’s proposed higher tariffs on Chinese imports have indirectly weakened the ZAR. Due to South Africa’s strong trade ties with China, any disruptions or threats to China’s international trade will likely impact the South Africa economy and currency.
Todays Events:
- German GfK Consumer Confidence at 11:30 – Expected to be -18.7 compared to previous -18.3. A higher-than-expected result can be seen as positive for the EUR.
- US Durable Goods Orders at 15:30 – Expected to be -0.8% compared to previous months 0.0%. A higher-than-expected result can be seen as positive for the USD.
- US GDP Growth Rate Est. (QoQ) at 15:30 – Expected to be 2.8% compared to previous 3.0%. A higher-than-expected result can be seen as positive for the USD.
- US Initial Jobless Claims at 15:30 – Expected to be 215.0K compared to previous 213.0K. A higher-than-expected result can be seen as negative for the USD.
- US Core PCE Price Index (YoY) at 15:30 – Expected to remain the same at 2.7%. A higher-than-expected result can be seen as positive for the USD.