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Daily Dose

Daily Dose

Good Morning,

On the wires…

  • ‘Historic’: US surgeons successfully implant pig heart in human
  • Mortar shell explosion kills 9 children in eastern Afghanistan
  • Residents question Ukraine’s absence from talks about its future
  • 2021 was among top 5 hottest years for world. In SA, it was milder – for now
  • SA is looking into scrapping PCR tests for vaccinated visitors – or allowing cheaper tests
  • Djokovic trains as Australian Open dream hangs in balance

Two cents worth…

“My past is not a memory. It’s a force at my back. It pushes and steers. I may not always like where it leads me, but like any story, the past needs resolution. What’s past is prologue.” – Metroid: The Other M

The indicators…

Currency crackdown

The rand continues to show its volatility with frequent 5 cent up and down moves within a couple of seconds becoming the norm. Yesterday we saw the rand weakening around 10 cents against the three major currencies but managing to hold well within its recent ranges. However, the local currency was able to claw back some gains during the this morning’s Asian session with the rand opening firmer at 15.68 against the US Dollar, 17.78 against the Euro and 21.32 against the Pound. The gains were largely due to renewed risk appetite as markets await some type of clue from the US Federal Reserve on a potential interest rate hike. On the data side of things we have manufacturing date due around midday.

Elsewhere, the US Dollar started its trading session on the front foot but seemed to have hit a wall with traders looking towards Fed Chair Jerome Powell’s testimony this evening, where markets are awaiting some further feedback on the timing and pace of policy normalisation as well some more clues on the four 25 basis-point rate hikes anticipated this year.

In other markets, Asian stocks traded stronger with gold following suit on the back of a weaker US Dollar and as investors looked towards inflation data due later in the week. Oil remains unchanged with risk appetite assisting the commodity but worries over soaring COVID-19 cases around the world potentially sapping fuel demand has kept prices subdued.

On the radar…

  • All – Omicron updates
  • SA – Manufacturing Production MoM & YoY
  • US – Fed George Speech
  • EU – ECB President Lagarde Speech
  • US – Fed Chair Powell Testimony
  • US – Inflation on Wednesday

Did you know?

At the time the current oldest person on Earth was born, there was a completely different set of human beings on the planet and at the time you were born, you were briefly the youngest person in the entire world.

Have an amazing day,

Keaton

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