FX DAILY REPORT – 30 October 2024
- The Rand opened stronger against the EUR & USD and weaker against the GBP.
- US JOLTS Job Openings and CB Consumer Confidence came out better than expected yesterday, however failed to spark any significant market reaction. The fact that a 25-basis point interest rate cut at the next meeting is almost fully priced in at 99% could well be the reason for the small market reaction.
- Today is full of important economic events that will likely cause market reactions for each respective currency. Additionally, we have 2 major speeches today from the BoE and from SARB. These speeches will likely provide clarity to investors on current economic conditions.
- Investors remain risk averse and gold has shot through to a new all-time high just above $2,780.00 as a result of US election uncertainty and Middle East tensions.
Todays Event:
- Eurozone GDP Growth Rate (YoY) at 12:00 – Expected to be 0.8% growth from previous 0.6%. A higher-than-expected result can be seen as positive for the EUR.
- UK Autumn Forecast Statement at 12:00 – This event is known as the “mini-budget” and usually gives the current outlook on economic conditions.
- South African Budget Policy Statement at 14:00 – Enoch Godongwana will deliver the Medium-Term Budget Statement and is likely to discuss the current economic outlook and future plans.
- US ADP Nonfarm Employment at 14:15 – Expected to be 110K from previous 143K. A higher-than-expected result can be seen as positive for the USD.
- US GDP Growth Rate (QoQ) at 14:30 – Expected to remain at 3.0% growth. A higher-than-expected result can be seen as positive for the USD.
- German CPI Inflation (YoY) at 15:00 – Expected to be 1.8% from previous 1.6%. A higher-than-expected result can be seen as positive for the EUR.