The US dollar rose further to kick start the week yesterday, as global markets continued to digest Friday’s upbeat data, which saw the dollar getting lifted massively upon its release. Despite positive Jobs data, investors remain concerned with the rise of the Delta variant. The dollar index rose to a high of 92.989 before ending the session at 92.945
The euro edged lower, reaching a 4-month low on the back of the stronger dollar and was further dented by diminished risk appetite. The euro touched a low of $1.1733 to close the session off at $1.1737.
The pound also tracked lower against its rivals in yesterday’s session as safe haven flows dominated, following a positive US jobs report. The cable touched a low of $1.3839 to end the session at $1.3844.
The rand continued its losing streak, with local markets being closed for Women’s day celebrations and constraining flow on the day. The rand remained under pressure, further weighed by strong non-farm payrolls data. The rand rose to a high of R14.7912/$ and ended the session at R14.7783/$.
On the data front, we have local manufacturing data due today at 13:00 pm, along with an array of international data from the eurozone, US and UK. The local unit will most likely continue to follow global trends.
Expected ranges for the day:
• USDZAR: R14.6500 to 14.8500/$
• EURUSD: $1.1700 to $1.1780
• GBPUSD: $1.3800 to $1.3910
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