Daily Dose

16 November 2017

Good morning,  

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On The Wires,

Pilot arrested with loaded gun before boarding…Death toll in Greek floods rises to at least 14… Four suicide bombers kill 12 in northeast Nigeria …SA special envoys to begin talks to end Zimbabwe political crisis…Ramokgopa: Officials must account for coffin trailer incident…Five killed, four injured in KZN crash…Cold front reaches Gauteng …Train robbery hero learning to walk again, sights set on Paralympics… Anti-apartheid icon George Bizos celebrates 90th birthday…NZ defend 'odd' 2023 RWC hosting decision… Italy coach Ventura axed after World Cup disaster… Liverpool manager Klopp hospitalized… Le Clos nudges closer to World Cup title

Two cents worth 

Once, there was an older man, who was broke, living in a tiny house and owned a beat up car. He was living off of $99 social security checks. At 65 years of age, he decide things had to change. So he thought about what he had to offer. His friends raved about his chicken recipe. He decided that this was his best shot at making a change.

He left Kentucky and traveled to different states to try to sell his recipe. He told restaurant owners that he had a mouthwatering chicken recipe. He offered the recipe to them for free, just asking for a small percentage on the items sold. Sounds like a good deal, right? Unfortunately, not to most of the restaurants.

He heard NO over 1000 times. Even after all of those rejections, he didn’t give up. He believed his chicken recipe was something special. He got rejected 1009 times before he heard his first yes.

With that one success Colonel Hartland Sanders changed the way Americans eat chicken. Kentucky Fried Chicken, popularly known as KFC, was born.

Remember, never give up and always believe in yourself in spite of rejection.

Currency Crackdown

Thanks to Nyiko…

The rand is marginally stronger this morning as a combination of better that expected local data and a weaker dollar helped lift the our local currency.  Local Retail sales rose by 5.4% y/y in September, beating expectations a of 4.5% expansion, while the Republican tax plan drew fire from two Republican members yesterday in a possible sign of trouble for the sweeping measure, as the party can’t afford to lose more than two votes to pass the legislation.

U.S. stocks and junk bonds, which had rallied on hopes of tax cuts and the prospects of a solid US economic growth, extended their losses, further dampening dollar sentiment. Any boost to the currency from positive US CPI and retail sales data was not strong enough to ease those concerns.

Annual core inflation accelerated to 1.8% in October after coming out at 1.7% in the previous five months. Retail sales rose 0.2%. Both beat market expectations slightly and supported the case for a December rate hike by the Fed. But beyond this year, US interest rate futures were pricing in a slightly smaller chance of a rate hike early in 2018 than before yesterday’s data.

There’s not really much else moving the market at moment and its starting to look like the focus has shifted to next week’s CPI figures and the SARB’s rate announcement – we’re not expecting to see a change there. I think  we should also keep an eye out for any developments up in Zimbabwe, everything might look calm and rosy at the moment but these things do have a tendency of escalating very quickly and that wouldn’t be good for us.

Good luck and happy trading.

Did You Know

It's a Christmas tradition in Japan to eat KFC.


Have a great day



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