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FX DAILY REPORT – 30 September 2024

  • The Rand opened stronger against all the majors this morning.
  • The USD weakened further on Friday after softer-than-expected PCE inflation data. Despite the decline, the results reaffirm that inflation is on track and steadily moving toward the Federal Reserve’s 2% target.
  • The ZAR continues to benefit from the USD’s weakness. Additionally, markets remain optimistic about the future of South Africa under the leadership of the coalition government. Six months without load shedding, coupled with positive economic data, are providing further support for the ZAR.

Todays Events:

 

  • UK GDP Growth Rate (QoQ) at 8:00 – Expected to be 0.6% compared to previous Quarters 0.7%. A higher-than-expected result can be taken as positive for the GBP.
  • German CPI (YoY) at 14:00 – Expected to decrease to 1.7% from previous months 1.9%. A higher-than-expected result can be taken as positive for the EUR.
  • US Fed Chair Powell Speech at 19:55 – Will likely discuss the current economic outlook and could potentially drop hints regarding future rate cutting plans.