Trade report 04/11/2013
ZAR outlook
USD/ZAR expected range: 10.0911 – 10.2200
The ZAR finished off last week on the back foot due to a buoyed USD and soft SA data releases. As we start off a new week the Rand continues to struggle as fears of further mining strikes knocks investor confidence. The Rand is currently trading near 8 week lows and at 05:57GMT was R10.1605/$, very close to its close in New York on Friday evening.
Local news
In local news workers from the National Union of Mineworkers have gone on strike over wages at mid-tier producer Northam Platinum. There is a fear of further strikes starting at Anglo American Platinum, Impala Platinum and Lonmin by the Association of Mineworkers and Construction Union. This news adds to negative investor sentiment and increases pressure on an already vulnerable Rand.
International news
Fed QE tapering expectations are one of the main topics in the markets at the moment with the general feeling that it won’t begin before March 2013. With this in mind, the week ahead will be a significant one with ECB and BoE policy meetings scheduled as well as numerous Fed officials due to speak and US Q3 GDP data due for release.
TODAYS KEY DATA POINTS (GMT):
• 09:00 EZ PMI Manufacturing (final)
• 09:30 EZ Sentix investor confidence
• 09:30 GB PMI construction
• 11:30 EZ ECB’s Asmussen speaks
• 14:45 US ISM New York
• 15:00 US Factory orders y/y
• 16:20 US Fed’s Powell speaks
• 21:00 US Fed’s Rosengren speaks
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