We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
More View more
Real Time News
  • 🇩🇪 Balance of Trade (MAY) Actual: €7.1B Previous: €3.5B https://www.dailyfx.com/economic-calendar#2020-07-09
  • 🇩🇪 Balance of Trade s.a (MAY) Actual: €7.6B Expected: €5.2B Previous: €3.2B https://www.dailyfx.com/economic-calendar#2020-07-09
  • Heads Up:🇩🇪 Balance of Trade (MAY) due at 06:00 GMT (15min) Previous: €3.5B https://www.dailyfx.com/economic-calendar#2020-07-09
  • Heads Up:🇩🇪 Balance of Trade s.a (MAY) due at 06:00 GMT (15min) Expected: €5.2B Previous: €3.2B https://www.dailyfx.com/economic-calendar#2020-07-09
  • Understanding the US-Mexico relationship and how the ebb and flow of economic activity in the former impacts the latter is crucial for trading USD/MXN. Get your $USDMXN market update from @ZabelinDimitri and @FxWestwater here:https://t.co/oCRV13zbF0 https://t.co/9VKH7CHB8Y
  • RT @DanielGMoss: $USDCNH: RSI registers oversold reading for the first time since the US-China 'phase one' trade deal in January. $USD $CNH…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.94%, while traders in US 500 are at opposite extremes with 72.37%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/plFxRXM0uT
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.32% 🇨🇭CHF: 0.18% 🇳🇿NZD: 0.17% 🇦🇺AUD: 0.12% 🇨🇦CAD: 0.07% 🇯🇵JPY: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/7LQ64GzSvX
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/rYkYIIVNQJ
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.47% France 40: 1.18% FTSE 100: 0.78% US 500: 0.20% Wall Street: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UJ2NbRFbDk
Rand Losing Steam Despite Business Confidence and PMI Advances

Rand Losing Steam Despite Business Confidence and PMI Advances

2014-12-04 17:09:00
Walker England, Kara Dailey,
Share:

Talking Points:

  • HSBC and Kagiso PMI expand reaching new multi-period highs
  • SACCI Business Confidence Index improved 2.0 points in November
  • USDZAR trades near resistance in a consolidating triangle

Building on the momentum garnered from last week’s GDP and BER Business Confidence reports are this week’s expansionary HSBC and Kagiso PMI reports, as well as the South African Chamber of Commerce and Industry’s business confidence survey and Statistics South Africa’s producer price index.

Compiled by Markit, the HSBC South Africa PMI was reported to have reached a 21 month high after rapidly increasing from 51.1 in August to 52.6 in September. Driven mainly by the domestic market, the sub -index, new orders, improved at the fastest rate in 2 years. The employment and purchasing activity indices also factored an increase, indicating a rebound in the private sector economy.

Akin to HSBC’s PMI report, the Bureau of Economic Research’s Kagiso PMI also registered a multi-period high. Reported on the first working day of the month, the indicator increased 3.2 index points to reach 53.3—the uppermost level in 13 months. Averaged with October’s 50.1, the 4th quarter’s average now stands 3.8 points above that of the 3rd quarter, further suggesting an improvement in operating conditions.

Tapering off, the Producer Price Index increased at a slower rate in October (+6.7%) relative to September (+6.9%). However, from a month-to-month perspective the price level for final manufactured goods rose in October by 0.3%. The main contributors to the monthly increase were wood and paper products (+2.3%) metals, machinery and computing equipment (+0.8%) and food, beverage, and tobacco products (+0.7%). Contributing secondarily was the agricultural, forestry and fishing industry (+2.1%).

With an increasing number of participants forecasting expansion in the manufacturing sector, it comes with little surprise that the SACCI Business Confidence also saw an improvement, similar to that of the BER Business Confidence reported last week. November’s index, at 90.8, improved 2.0 points over October’s 88.8. Positive year-over-year changes came from the municipal services, manufacturing, and private sector borrowing categories. The report however notes that downside risks still exist, particularly with respect to rising US dollar commodity prices and sluggish economies among trading partners.

USD/ZAR Daily Chart

dailfx dollar rand chart.

Chart Created by Walker England Using MarketScope2.0

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.