Cogent Treasury Solutions

Contact

FX DAILY REPORT – 29 October 2024

  • The Rand opened weaker against all the majors this morning, particularly against the EUR, weakening by over 1.00%
  • Views among ECB members on future monetary policy remain divided: some suggest a more cautious approach to rate cuts, while others have stated that a 50-basis-point reduction should not be ruled out. The less dovish comments from ECB Members will likely be assisting the EUR.
  • Todays main events will include US JOLTS Job Openings and CB Consumer Confidence, which will shed light on the resilience of the US economy and offer clues about the Fed’s interest rate outlook. Stronger-than-expected results could confirm economic resilience and increase the likelihood of a 25-basis-point rate cut.

Todays Event:

 

  • GfK German Consumer Climate at 9:00 – Expected to be -20.4 from previous -21.2. A higher-than-expected result can be seen as positive for the EUR.
  • US CB Consumer Confidence at 16:00 – Expected to increase to 99.2 from previous 98.7. A higher-than-expected result can be seen as positive for the USD.
  • US JOLTS Job Openings at 16:00 – Expected to decrease to 7.920M from previous 8.040M. A higher-than-expected result can be seen as positive for the USD.