Daily Forex Market Wrap 2019-09-04

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Daily Forex Market Wrap 2019-09-04

Published Date: 2019-09-04 | Source: TreasuryONE | Author: TreasuryONE Dealing

All hail the mighty Rand! The Rand and other EM's had a fantastic day with the Rand leading its EM peers by strengthening almost 2% during the day and within touching distance of the R14.80 level. The reason for the Rand strength is down to a couple of factors with a bit of risk sentiment that have turned favourable with equity markets on the front foot. The fact that the US dollar is losing a little ground only helped matters for the Rand. We still believe that there is some good sentiment in the market after the better than expected GDP numbers out of South Africa. Looking at the evening session, we believe that the positive sentiment could extend into the New York session and the Rand could look to make a charge at the R14.80 level. Of concern however that Gold is close to the $ 1550 level, which suggests that sentiment is not fully risk-on at the moment.

Currencies

USDZAR 14.8191
EURUSD 1.1030
EURZAR 16.3373
GBPUSD 1.2195
GBPZAR 18.0629
AUDZAR 10.0542
CADZAR 11.1534
CNYZAR 2.0717
ZARJPY 7.1628
CHFZAR 15.0940

Commodities

Gold 1 545.20
Plat 978.65
Plad 1 550.00
Rhod 5 040.00
Irid 1 470.00
Ruth 248.00
Copp 5 663.00
Brent 60.42
Gold ZAR 22 890.13
Plat ZAR 14 497.35

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