Cogent Treasury Solutions

FX DAILY REPORT – 28 November 2024

  • The Rand opened weaker against all the majors this morning, except for the USD which opened at the same levels as yesterday.
  • The US experienced several noteworthy economic events yesterday, most of which aligned with expectations. However, Durable Goods Orders slightly missed forecasts, rising by 0.2% instead of the anticipated 0.3%. This likely contributed to the USD weakening against major currencies, although it remained steady against the ZAR.
  • Investors will be looking towards the Eurozone today with the main event being the German CPI inflation preliminary release. A higher-than-expected result will indicate rising inflationary pressures which will likely cause the EUR to strengthen, as policy makers may be less reluctant to cut interest rates.

Todays Events:

 

  • US Bank Holiday – Thanksgiving Day
  • South African PPI (YoY) at 11:30 – Previous months result was 1.0%. A higher-than-previous result can be seen as positive for the ZAR.
  • German CPI (YoY) Prel. At 15:00 – Expected to be 2.3% compared to previous 2.0%. A higher-than-expected result can be seen as positive for the EUR.
  • ECB Member Elderson Speech at 15:00