Daily Forex Market Wrap 2019-07-10

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Daily Forex Market Wrap 2019-07-10

Published Date: 2019-07-10 | Source: TreasuryONE | Author: TreasuryONE Dealing

The Rand stayed in a very tight range up until the opening of the US markets, when comments from Fed Chairman Jerome Powell that the US economy is not firing on all cylinders and coupled with the fact that there will be a definite slowdown due to the trade war between China and the US, interest rate cuts could be the way forward.

We have seen the Rand breaking to R14.0500 in afternoon trade and EUR/USD trading at 1.1243. Expect further volatility with Mr. Powell's testimony and the release of the US Fed June minutes later today. Should the dovish tone hold through both events we could see the Rand taking a serious look at breaking below the R14.00 level, which will be a definite buying opportunity for importers.

Currencies

USDZAR 14.0754
EURUSD 1.1246
EURZAR 15.8213
GBPUSD 1.2493
GBPZAR 17.5757
AUDZAR 9.7818
CADZAR 10.7253
CNYZAR 2.0462
ZARJPY 7.7124
CHFZAR 14.2019

Commodities

Gold 1 406.95
Plat 824.64
Plad 1 594.01
Rhod 3 490.00
Irid 1 470.00
Ruth 251.00
Copp 5 862.25
Brent 66.10
Gold ZAR 19 793.54
Plat ZAR 11 601.32

Our daily forex view brought to you by the TreasuryONE Dealing Team

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