Today's forex view 2019-08-12

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Today's forex view 2019-08-12

Published Date: 2019-08-12 | Source: TreasuryONE | Author: TreasuryONE Dealing

With local markets closed for the public holiday on Friday, the Rand traded in a 14.9900/15.2950 range in thin liquidity and is this morning quoted at 15.2575. Geopolitical concerns and the escalating trade and currency wars continue to dominate markets. President Trump said that planned US China trade talks set for next month could be called off and that he was not ready to do a deal at the present time. The Yuan was fixed weaker at 7.0211 today and is currently trading at 7.0635 as the People's Bank of China allows the currency to weaken further.

The Euro is holding at 1.1210 despite the breakup of the Italian coalition government while the Pound has slipped to 1.2037 after the UK economy contracted in Q2. The protests in HK continue to escalate, North Korea fired more test missiles and Indian and Pakistan continue their standoff over Kashmir, all adding to the geopolitical unease in the region.

Wall Street closed weaker on Friday but futures are trading up this morning and Asian stocks have closed in positive territory. Gold is quoted at $ 1 496.50 this morning while Oil is at $58.40.

There are no major economic data releases out today.

Currencies

USDZAR 15.2504
EURUSD 1.1205
EURZAR 17.0796
GBPUSD 1.2033
GBPZAR 18.3417
AUDZAR 10.3468
CADZAR 11.5292
CNYZAR 2.1583
ZARJPY 6.9084
CHFZAR 15.6787

Commodities

Gold 1 496.84
Plat 857.08
Plad 1 426.30
Rhod 3 710.00
Irid 1 470.00
Ruth 248.00
Copp 5 732.00
Brent 58.44
Gold ZAR 22 816.08
Plat ZAR 13 064.30