USD
Challenging conditions persisted for the US dollar in yesterday’s session as the recent panic from the banking sector crisis continued to gradually subside, post the announcement of the First Bank Citizen’s agreement to buy all deposits and loans from Silicon Valley Bank. An upside surprise to the US Consumer Confidence print of 104.20 did little to rescue the unit from its weakening momentum. The dollar retreated to a low of 102.380 intraday, with dollar demand taking a backseat for the better part of the session, and finally closed the session significantly below its opening at 102.430. EUR A dip in haven demand gave the euro an opportunity to register gains in the session as reignited risk on sentiment fueled the currency’s rally and kept it afloat. The single currency boldly edged to its intra-session high of $1.0848, before settling in positive territory at $1.0843. GBP Pound Sterling took its cue from the market’s affinity for riskier assets and mirrored a strengthening euro. The pound climbed to its day’s high of $1.2349 and marginally pulled back in the latter parts of the session but still managed to end the day in the green at $1.2340. ZAR The rand altered its negative direction in yesterday’s session and rebounded as dollar demand remained subdued throughout the session. Domestic rising mining stocks and commodity prices, alongside upbeat Q4 2022 retail trade sector print of 41K jobs added, aided the unit in maintaining its positive trajectory. The local unit rallied to a low of R18.15/$ and closed the session firmer at R18.1525/$. We anticipate a quiet day on the economic calendar locally, across the pond- expect Germany’s GfK Consumer Sentiment print and the BoE’s Consumer Credit and Mortgage figures from the UK. The rand will continue to follow global trends, which will most likely influence the market. Expected ranges for the day:
|
|
Contact Details
Tel: +27 (0)21 180 4295/6/7
Cell: +27 (0)79 014 4676
Fax: +27 (0)21 930 5493
Email: info@pgforex.co.za
Address:
P.O. Box 6550 | Parow East
Cape Town | South Africa
7501
Company Registration Number: 2002/031454/07