Trade report 07/02/2014
ZAR outlook
USD/ZAR expected range: 11.0500 – 11.2100
The ZAR managed to gain over 1% yesterday, even breaking the R11.00/USD level briefly, as the currency tracked other emerging markets that were benefitting off a weaker USD. The rand was at R11.0350/USD at 06:16GMT very close to its overnight close in New York.
Local news
News of ongoing strike action and other domestic issues seems to have been put to one side as the local currency managed to rally against the USD yesterday moving in line with other emerging market currencies. Movement of the Rand in general at the moment seems dependent on international data. With some key data due out today it will be interesting to note if the Rand can hold onto its recent gains.
International news
The USD has been under pressure this week and investors will be watching closely for news on key nonfarm-payrolls and unemployment data which is due for release later today. General expectation in the markets is one of a significant improvement which will most likely help the USD strengthen but in turn will see the ZAR and other EMs lose some of their gains they have made during the week.
TODAYS KEY DATA POINTS (GMT):
• 06:00 SA Net reserves
• 09:30 SA ILB auction (R800mn)
• 07:00 DE Trade balance (EUR)
• 09:30 GB Visible trade balance (GBP)
• 09:30 GB Industrial production y/y
• 11:00 DE Industrial production wda y/y
• 13:30 US Change in nonfarm payrolls
• 13:30 US Unemployment rate
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