Daily Dose

16 March 2018

G morning,  

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On the Wires

Saudi crown prince threatens to develop a nuke as kingdom seeks foreign nuclear technology…The cryptocurrency industry is looking at Puerto Rico next…Crisis-hit Venezuela could soon tip the oil market 'decisively into deficit,' IEA says…Spotify will start trading April 3…Alibaba shares jump after report it's considering a Chinese listing…Substandard coal from Gupta mine puts lives at risk…Steve Hofmeyr concert cancelled after outcry from ANC…11 more listeriosis cases recorded as food recall continues…SARS won't confirm whether KPMG SA has paid back R23m for its report on the 'rogue unit'…Cabinet welcomes land expropriation motion…Heyneke linked to top job in French Top 14…Coric outwits Anderson to reach Indian Wells semis…Tiger opens strong at Bay Hill…Mayweather ready to start MMA training…Conte says Chelsea loss to Barca was 'unfair'.

Fun Friday

"When one's expectations are reduced to zero, one really appreciates everything one does have."  -- Stephen Hawking


Currency Crackdown

The rand traded mostly range bound yesterday but weakened after hours breaking through our key bottom side level of 11.85/$ as easing trade war concerns and positive US economic data saw the dollar strengthen. News that new chief economic adviser Larry Kudlow favours a strong USD only added to its positive move.

This morning the Rand opened up at 11.89 and could see moves today as traders turn their attentions to EU inflation figures, with a positive figure (higher reading) likely provide a boost to the euro. The major focus on everyone's mind though will be on next week's event calendar, with the Fed expected to raise interest rates for the first time this year, while the general consensus is on a stay of execution when Moody’s announces its rating decision next Friday. 

- Local equity markets were a bit softer yesterday following the quarterly futures close out

- Positive mining production figures failed to lift the rand, with strong figures seemingly expected now

- US markets were mixed as the Dow recorded gains, while the S&P 500 closed lower

- Asian stocks are weaker this morning

- Gold prices have reversed previous gains on the back of the stronger dollar and we see a slight tick up in oil prices.

Economic data out today,

EU CPI - 12:00

US Housing Starts - 14:30

US Industrial Production - 15:15

US University of Michigan Sentiment - 16:00


Did you know?

Unless food is mixed with saliva you can't taste it.


Have a great day and an even better weekend,

FxOne Team

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