FX DAILY REPORT – 28 October 2024
- The Rand opened stronger against the GBP & EUR and insignificantly weaker against the USD this morning.
- The USD remains supported by investors’ risk-averse sentiment as the conflict in the Middle East continues, with several Israeli airstrikes over the weekend. Additionally, recent U.S. economic data has reinforced expectations that the Fed will cut interest rates by only 25 basis points at its next meeting, with Consumer Sentiment and Durable Goods Orders both exceeding forecasts.
- Investor attention is now shifting toward the upcoming U.S. Presidential election on November 5th, with polls showing a tight race between Trump and Harris. Any significant developments this week that could sway voter sentiment may also impact the USD. Currently, a Trump victory is viewed as positive for the USD, while a Harris victory is seen as a potential negative.
Todays Event:
- ECB Member Guindos Speech at 19:45