The dollar continued its losing streak in Yesterday’s session as risk appetite continued to ride the wave, with investors waiting on the side-lines for direction, ahead of the non-farm payroll to be released this afternoon. The dollar remains pressured on the back of these events. The dollar index closed the session low at $92.225 after reaching a low of 92.210.
The euro edged higher intraday, touching levels we haven’t seen in almost a month. This is on the back of an ailing dollar. The euro closed the session higher at $1.1875.
The sterling came to the party and managed to close above the $1.38 handle again in the week, benefiting from a weaker dollar environment. The pound closed the session at $1.3833 and reached a low of $1.3768.
The South African rand paused its 9th-day rally on the day. After a positive start to the day, the local unit struggled quite a bit to maintain its winning streak, as intraday trades saw the rand coming under immense pressure, with investors sentiment shifting ahead of the US jobs report. The local unit fell to a low of R14.3125/$, before retreating to a high of R14.4950/$, and ultimately ending the day on the back foot at R14.4800/$.
We are quite heavy on data today internationally. With data coming out from France, Italy, Germany, Europe, and Jobs data from the US on the day. The local unit will most likely continue to follow global trends and other market-moving events.
Expected ranges for the day:
- USDZAR: R14.32/$ to R14.50/$
- EURUSD: $1.1850 to $1.1890
- GBPUSD: $1.3800 to $1.3860
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