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Daily Dose

18 October 2019

Good morning,

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On the wires

International:

  • North Korean leader Kim Jong Un rides a white horse on snowy, symbolic mountain
  • China's economic growth plunges to lowest level since 1992
  • Singapore to roll out commercial 5G services by 2020
  • Whale returns from the brink of extinction
  • Boxer Patrick Day dies four days after knock out

Local:

  • Man who made R87K writing learner license exams for people arrested in Durban
  • Cape Town activist named one of Top 100 most influential women in the world
  • 14 pupils injured in collision between taxi and another vehicle
  • Cape Town Parents lock school gates in protest over unsafe building
  • Japan's knowledge of Afrikaans forces Springboks to change calls for Sunday's quarterfinal

Two cent’s worth…

Currency Crackdown

Thanks to Jan Sluis- Cremer from RMB Global markets for his valuable contribution this morning.

The rand managing to claw back some of its losses from the previous two sessions as cabinet approved the declaration of its plan for Eskom. The bit of good news comes after two days of rolling black outs as Eskom has struggled with power outages and generation capacity.

Also helping Emerging Markets yesterday was the news that a cease fire was agreed to between Syria and Turkey. Brexit remains on a knife edge as Prime Minister Johnson now needs to convince parliament members to back the latest deal in order for the UK to leave the EU at the end of the month.

The rand gets underway at 14.80 to the green back this morning. For now the rand remains in ranges. Look to trade 14.75 to 14.95 for now. A close either side is required for new direction.

Against the crosses, Eur/Zar kicks off at 16.43 while Gbp/Zar is at 19.02.

A very quiet end to the week on the data front with the only numbers out at 11:00 local time when the ECB publish their August current account numbers.

What to look out for today?

  • EU Summit Continues
  • Various Fed Members Speak
  • BoE Governor Carney Speaks
  • UK Parliament Votes on Brexit Deal (Saturday)


Did you know?

At any given time, 0.7% of the world population is drunk – meaning at least 50 million people are drunk right now.

 

Have an amazing weekend,

Team FXOne.

 

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