| USD
The Dollar maintained its winning ways for a 5th consecutive session on Friday to end the week on a high note, lifted by positive jobs data coming in at 678k better than market expectation of 400k. The expectation of an interest rate hike at the next FED meeting and continued haven demand also contributed to the dollar’s strength. The dollar soared to a high of 98.92, before giving back some of its gains to end the session at 98.65. EUR The Euro weakened once again during Friday’s trading session, as the Russia Ukraine tensions continue to escalate. The single currency sank to levels last seen in mid-2020, weighed down further by a dominating dollar. The Euro fell to a low of $1.0893 before ending the session at $1.0927. GBP The Pound also fell victim to a strong dollar to end the week on the backfoot. The cable failed to hang onto last week’s mid-week gains, faltering for a second consecutive session. The pound opened at the day’s high of $1.3355, but lost ground early in the day to touch a low of 1.3202 before ending the session at $1.3227. ZAR The rand weakened throughout its earlier activities on Friday due to persistent risk-off sentiment but remained determined in trading below the R/15.5000$ level. The local unit failed in its attempt to stage a recovery as a rebound in risk saw investors turn once again to riskier assets. After opening at R15.2200/$, the rand weakened to a high of R15.4950/$ and ended at R15.3025/$ on the day. A quiet day ahead on the data front today with only Gold and Forex Reserves data due locally, with a few key releases to look forward from the UK and Germany, the Rand is likely to remain vulnerable to global market factors with developments in the raging Russian invasion continuing to dominate headlines. Expected ranges for the day:
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