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FX DAILY REPORT – 27 September 2024

  • The Rand opened weaker against the GBP and stronger against the USD & EUR this morning.
  • Positive Economic results released yesterday for the US has caused investors to drop bets of a higher 50 basis point rate cut, with bets now standing at 48.7% for a 50 basis point cut. The US data releases can be seen below:
    • Durable Goods Orders (MoM) – Result: 0.0% growth | Expected: -2.8%
    • GDP (QoQ) – Result: 3.0% growth | Expected: 3.0%
    • Initial Jobless Claims – Result: 218K | Expected: 224K
  • South African PPI (YoY) released yesterday shows a PPI growth of 2.8% compared to previous months 4.2%. This is a positive result, signifying that inflation is under control for the time being.

Todays Events:

 

  • US Core PCE Price Index (MoM) at 14:30 – Expected to remain the same at 0.2%. A higher-than-expected result can be taken as positive for the USD.
  • US Personal Spending (MoM) at 14:30 – Expected 0.3% growth compared to previous 0.5% growth. A higher-than-expected result can be taken as positive for the USD.
  • US Michigan Consumer Sentiment at 16:00 – Expected 69.0 compared to previous 67.9. A higher-than-expected result can be taken as positive for the USD.