Daily Forex Market Wrap 2019-07-18

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Daily Forex Market Wrap 2019-07-18

Published Date: 2019-07-18 | Source: TreasuryONE | Author: TreasuryONE Dealing

The ZAR has been trading stronger since the MPC announcement that interest rates will be sliced by 25bps and that the repo rate will be at 6.5% effective 19 July 2019. The move is supported by weak growth, inflation hovering around the mid-point of the SARB's target range and an inflation trend that seems to be downwards.

The FRAs are now pricing in around 50% chance of another 25bps cut in September. Elsewhere, the EUR and GBP both remained in recent ranges with 1.12 holding firm once again on the EURUSD. Gold traded in a $15 range while palladium is 1.43% down as our markets draw to a close.

 

Currencies

USDZAR 13.9080
EURUSD 1.1217
EURZAR 15.5928
GBPUSD 1.2483
GBPZAR 17.3526
AUDZAR 9.7835
CADZAR 10.6187
CNYZAR 2.0203
ZARJPY 7.7531
CHFZAR 14.0755

Commodities

Gold 1 422.38
Plat 843.23
Plad 1 515.78
Rhod 3 540.00
Irid 1 470.00
Ruth 251.00
Copp 5 947.25
Brent 62.51
Gold ZAR 19 761.53
Plat ZAR 11 715.18

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