The local unit scored somewhat of a consolation goal on Friday (sorry Argentina fans), as global equities and EM markets ended the week stronger.
Eyes are still on the US though as June Fed minutes and job numbers will be out later this week. The data, coupled with escalating trade tensions between the US and China, could provide more volatility than the Spain vs. Russia penalty shootout.
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It’s all aboard the Trumplomacy bus, as President Trump offered China an olive branch yesterday, renewing hope that a ‘trade ‘war’ could be avoided……..
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The rand lost ground yesterday as SA lost out to exemption from the US steel and aluminum import tariffs (25% and 10% respectively).
An increase in the oil price and a stronger dollar added to the rands demise. The tone of tonight’s Fed interest……..
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The rand strengthened overnight as the dollar weakened amidst peace talks between the North and South Korean leaders.
Risk-on sentiment prevailed as a nuclear-free Korean Peninsula looks likely in the near future (no doubt president Trump…….
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The recent spike in oil prices could fuel global inflationary pressures, which has bolstered the USD to a 2 week high.
Rising US bond yields and easing concerns over geopolitical risks has also positively weighed on the greenback ……..
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First up is US consumer price inflation, which is expected to come in around 2.4% (ahead of the 2% target and fuelling interest rate increase fears).
The US Fed is next, where March’s meeting minutes should provide insight into how many interest rates hikes……..
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US and China tensions continues to grab the headlines, despite disappointing US jobs data Friday.
The US created 103k jobs in March, a far cry from the expected 188k, with unemployment remaining at 4.1%. Emerging markets have recovered slightly, with the rand hugging 12/$. President Trump called China’s bluff over the weekend, threatening another $100bn in tariffs.
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Following China’s 15% tariff on US products, ‘Merica hit back yesterday laying out plans to impose a 25% tariff on Chinese import products.
The tariff could see more than 1300 Chinese imports being effected totalling more than $50 billion. In response, China said it ………
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China’s previously announced tariff on US products came into effect yesterday with more than 120 US products being affected.
The introduction of the 15% tariff could spark fresh fears of a trade war amongst global markets. On the topic of 15%, yesterday also saw the increase of VAT and with fuel levies set to………
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Local markets shift focus to the SARB’s MPC meeting today which could confirm a possible interest rate cut.
Speculation is that Governor Lesetja Kganyago could cut the interest rate by 25bps. Following Moody’s decision………
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