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Daily Dose

21 September 2020

Good Morning,

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On the wires

  • Ten dead, up to 25 feared trapped in India building collapse
  • Hackers leak personal data of 1 000 Belarusian police on weekend of protests
  • Kids in the UK now spend more of their R5,000 per year in pocket money on 'Fortnite' than on sweets
  • Mercedes driver nabbed for clocking 215km/h in Gauteng
  • Bubbly, crayfish, drugs and stolen cars seized as Western Cape cops crack the whip
  • Mane double sees off 10-man Chelsea as Liverpool win again

Two Cents Worth…

Currency Crackdown...

 

We would like to thank Bidvest Bank Treasury for their contribution to the currency crackdown this morning.

The ZAR opened around 16.15 on Friday and had a test lower to 16.08 before a turnaround to trade to a high in NY at 16.3150. The market took some profit on short positions ahead of the weekend and we can see the effects on the ZAR cross rates. EURZAR traded from a low of 19.03 to 19.32 in NY and GBPZAR from 20.87 to 21.11. The market continues to have a negative sentiment towards the USO even after a brief respite after the FED speech last week which saw the USO make small gains which it has subsequently given back. EURUSD is at 1.186 from 1.1750 last week.

It is a quiet day ahead for the U.S Dollar. There are also no market moving stats out of the U.S to provide the dollar with direction. The absence of stats will leave the Dollar in the hands of any COVID-19 related news as well as FED Chair Powell's testimony in the week.

The dovish Fed has held back any progress for the US currency and has added some demand for risk assets benefitting Emerging Markets.

Forecasted Range for the day:

USD/ZAR: 16.00 to 16.45

On the radar…

  • All – Corona updates
  • US – Fed Brainard Speech
  • EU – ECB President Lagarde Speech


Did you know?

There's a Golf Club on the border of Sweden and Finland: half the holes are in one country and half in the other.

 

Have an amazing week ahead,

Keaton

 

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