FX DAILY REPORT – 28 February 2025
- The Rand opened weaker against the USD and stronger against the EUR & GBP this morning.
- President Trump confirmed that the 25% trade tariffs on Canada and Mexico will take effect on March 4th—one month earlier than the previous April 2nd deadline. This development is caused the USD to strengthen, at least in the short term, as investors assess the potential impact of these tariffs.
- US Durable Goods Orders came out higher than expected yesterday, rising 3.1% compared to the forecasted 2.0%, adding to the strength of the USD.
Todays Events:
- German Unemployment Rate at 10:55 – Expected to remain the same at 6.2%. A higher-than-expected result can be seen as negative for the EUR.
- German CPI (MoM) at 15:00 – Expected to be 0.4% compared to previous -0.2%. A higher-than-expected result can be seen as positive for the EUR.
- Core PCE Price Index (YoY) at 15:30 – Expected to be 2.6% compared to previous 2.8%. A higher-than-expected result can be seen as positive for the USD.