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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The rand is stable as markets wait for significant news/data to find new direction.
Risk appetite has returned, but with continuous geo-political tensions, fears over a trade war and future Fed hikes, the local unit will most likely continue to trade in its current range. In global news:
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The rand held its ground after the US, France and Britain launched a “successful” air strike against Syrian chemical facilities on Friday.
The dollar strengthened after markets were convinced that the strike was a once-off event, but global equity markets weakened and Brent Crude Oil reached its highest price since 2014 at 72 USD/barrel.
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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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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 $50 billion. In response, China said it ………
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The rand remains firm and opens the day below 11.80/$, spurred on by pro-rand events which transpired yesterday.
SA’s January manufacturing output rose by 2.5%, supporting the expectation that the domestic economy is gaining momentum.
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The dollar rebounded late Friday on news of higher-than-expected US jobs growth in February.
Hourly wages moderated, easing inflation fears and concerns that the US Fed would hike interest rates 4 times this year.
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The rand is taking full advantage of the weaker dollar as it opens at 11.83/$ this morning.
Investors returned to buying emerging market currencies (as opposed to the USD) after Trump’s top economic advisor,
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The rand opens at 11.83/$ after emerging market currencies recovered overnight thanks to dollar weakness. The greenback weakened after Pres. Trump’s plans to impose tariffs on steel/aluminium imports took a big blow, with Democrats and Republicans being opposed to the idea (meaning the plan probably won’t become policy and a global trade war less likely)…
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US Fed chair Jerome Powell’s hawkish (very positive) testimony yesterday has sent the greenback on a mini-rally.
The dollar gained more than 1% against the majors as Powell expressed optimism that the US economy remains strong.
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