Trade report 17/12/2013
ZAR outlook
USD/ZAR expected range: 10.2400 – 10.3600
The Rand has been trading relatively steady against the USD since Friday and even managed to touch on a two-week high. But the currency faces a tough week ahead with the start of the FOMC meeting today. The ZAR was trading around R10.2840/$ this morning, very close to yesterdays close in New York.
Local news
It has been a very quiet start to the week for the ZAR with the country enjoying a day off for Reconciliation Day yesterday. With very little local data due for release today the currency will be taking its direction from International events. The main event of the week is the much talked about FOMC meeting which starts today and could see some volatility caused for the Rand and other emerging market currencies.
International news
The main data for the day is offshore CPI data and it will be interesting to note if US data sustains its gains from last month as this data comes just at the start of the FOMC meeting. The FOMC meeting concludes tomorrow and will have investors eagerly waiting to hear whether or not we will see a start to tapering of the US bond buying stimulus which has been the main talk in the markets for weeks now.
TODAYS KEY DATA POINTS (GMT):
• 09:30 SA Bond auction
• 09:30 GB CPI y/y
• 10:00 EZ ZEW economic sentiment
• 10:00 DE ZEW sentiment
• 10:00 EZ CPI y/y (final)
• 13:30 US Current account balance (USD)
• 13:30 US CPI y/y
• 15:00 US NAHB Housing Market Index
• US FOMC Meeting begins (17-18 Dec)
Foreign exchange South Africa – Let one of our professional consultants at Currency Solutions assist you. To know more about how we can help you Contact Us
Want to know where the markets are? View our Live Currency Rates
No comments:
Post a Comment