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.