The dollar had a firm start in yesterday’s session, opening the day at 96.0220 but was seen trading softer for the latter part of the day, diverting back to its losing streak from the previous session. The dollar remained pressured this week, being the biggest loser compared to its majors with risk appetite being the order of the week. The dollar closed the session at 95.379 to have reached a high of 96.25.

EUR

The single currency traded stronger on Thursday with the ECB keeping rates unchanged, in accordance with market expectations. Although, the central bank’s president acknowledged inflationary concerns and her tone suggesting a hawkish stance in the future. The euro closed the session at $1.1438 and traded a high of $1.1450.

 GBP

The pound also came to the party of strengthening bias finding more support from the Bank of England raising interest rates by 25bp in line with market expectations and their hawkish view on interest rates going forward. The sterling closed the session at $1.3599 and traded a high of $1.3628.

ZAR 

The rand pushed lower and extended its strengthening bias as the market’s volatility reignited investor risk appetite in the rand’s favor,  buoyed by a marginally weaker dollar, amongst other factors.  Despite continued Stage 2 load-shedding and escalating geopolitical tensions, the rand managed to hold onto its gains into the close of the session with some conviction.  The rand traded a high of R15.3982/$, before strengthening to a low R15.2325/$, just before ending the session at R15.2541/$.

No data is on the cards today locally, investor focus shifts to the headliner Non-Farm Payrolls data release, which market participants expect to print at 150 000 from a prior high of 199 000.   Anticipate global headlines to drive markets.

Expected ranges for the day:

• USDZAR: R15.1600/$ – R15.3600/$
• EURUSD: $ 1.1445 – $1.1485
• GBPUSD: $ 1.3575 – $1.3625