Daily Forex Market Wrap 2019-09-10

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Daily Forex Market Wrap 2019-09-10

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

The ZAR experienced much of the same price action than yesterday, firming during the course of the day. The local unit, which is more than 3.5% stronger since the start of the month, is the strongest EM at the moment and ran into some strong resistance around the 14.66 for the second day running. EUR and GBP were both fairly flat while commodities are weaker as risk on sentiment continues. Local manufacturing output was down 1.1% YoY in July while Moody's commented that the likelihood of a downgrade to junk status to be low at the moment. The rating agency also cut their expectations of growth by 0.7% in 2019, down 0.3% and stated that fixing the troubled power utility Eskom will take time.

Currencies

USDZAR 14.6793
EURUSD 1.1039
EURZAR 16.1984
GBPUSD 1.2350
GBPZAR 18.1199
AUDZAR 10.0653
CADZAR 11.1552
CNYZAR 2.0626
ZARJPY 7.3107
CHFZAR 14.8202

Commodities

Gold 1 495.12
Plat 936.54
Plad 1 557.31
Rhod 4 390.00
Irid 1 470.00
Ruth 248.00
Copp 5 737.90
Brent 63.67
Gold ZAR 21 938.55
Plat ZAR 13 742.17

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