Today's forex view 2019-09-11

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Today's forex view 2019-09-11

Published Date: 2019-09-11 | Source: TreasuryONE | Author: TreasuryONE Dealing

Markets, with the exception of bonds, are treading water as they await the ECB meeting tomorrow. The Dollar is largely unchanged this morning at 1.1050 against the Euro and 1.2355 against the Pound while the Rand continues to outperform it's EM peers and is currently at 14.6225. The Rand gained support from Moody's comments yesterday that they were unlikely to downgrade South Africa's credit rating even though they lowered their growth forecast for the country for 2019 from 1.0% to 0.7%. Moody's sees growth for 2020 at 1.5% with government debt stabilising.

Wall Street closed relatively flat while in Asia there were good gains for the Nikkei and Hang Seng.

US Treasury yields rose last night with the 10y up at 1.72% and the 30y at 2.20%. Gold is unchanged at $1 491.60 as the risk on sentiment keeps safe haven assets on the back foot. Oil is up at $62.90 after a decline in US stockpiles. Local Business confidence number and US PPI out later today.

Currencies

USDZAR 14.6257
EURUSD 1.1052
EURZAR 16.1563
GBPUSD 1.2356
GBPZAR 18.0625
AUDZAR 10.0414
CADZAR 11.1209
CNYZAR 2.0545
ZARJPY 7.3648
CHFZAR 14.7393

Commodities

Gold 1 490.96
Plat 937.04
Plad 1 561.14
Rhod 4 390.00
Irid 1 470.00
Ruth 248.00
Copp 5 796.50
Brent 62.88
Gold ZAR 21 795.46
Plat ZAR 13 698.03