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Daily Dose

17 November 2017

Good morning,  

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On the Wires

Israel military chief willing to share intel with Saudis…Spanish police make Europe's 'biggest' tobacco seizure…Putin speaks to Ukraine's separatist leaders… Suicide attacker kills numerous people at Kabul wedding hall…Amsterdam can curb hours on cannabis cafes near schools…Vital Eastern Cape clinic has only 1 doctor twice a month…Suspected car thieves arrested after Pretoria shootout…SpaceX postpones launch of secretive Zuma mission…Water-scarce Cape Town holding 'Day Zero' talks with police, army…UCT among 3 SA universities that may have to stop offering law degrees…Coetzee sees despair date for France-SA…New Orleans abuzz over Serena wedding…Federer haunts Cilic in London again…Komphela says under-fire Baxter needs more time…Wenger vows to fix power shift in Spurs showdown...

Fun Friday 

 

 

Currency Crackdown

The rand gained on Thursday, supported by favourable sentiment towards emerging market currencies. We see it trading stronger this morning as the dollar takes a knock on Trump political headwinds.

Next week is a big week for the currency market. locally we await the Reserve Banks final interest rate decision for the year. S&P and Moody’s are scheduled to release their rating review. As previously mentioned if we lose our investment grade rating then we get excluded from the Citi WGBI local-currency bond index. JP Morgan estimate that it would trigger about $5bn-$7bn of forced outflow. There is the view that the rating agencies might decide to wait until after the ANC December conference in order to gauge whether or not there will be a more viable candidate to drive real reform in South Africa.

Global focus is on the US tax bill vote which now moves onto the Senate and a decision is only expected after Thanksgiving. The rand is likely to remain volatile so ensure you have levels in place to take advantage of dips below your costed rates.

US indexes ended Thursdays session higher after some earnings data. Asian shares have followed the lead. Gold prices still on track on a weaker dollar.

Economic data due out today:

EU: ECB Draghi speech 10:30am; Current account 11:00am

Did you know?

A soldier assigned to a commissioned officer as a personal servant is called a Batman.

 

Have a great day and an even better weekend,

FxOne Team

 

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