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Daily Dose

Daily Dose

G Morning,

On the wires…

  • North Korea lifts Covid lockdown amid ‘stable’ virus situation
  • Russia’s raking in billions in oil revenue but running out of buyers
  • ‘Education is my right!’ – Afghan women demand education and work at Kabul protest
  • The storm isn’t over: logistics legal head warns of financial fallout from KZN floods
  • Bloody weekend on roads as 34 die in three crashes on N3
  • Perez dream comes true as he wins F1 in Monaco

Quote of the day…

“There is more to life than increasing its speed.” – Mahatma Gandhi

The indicators…

Currency crackdown…

FXOne would like to thank Wayne Rosenberg for his contribution to the crackdown this morning.

The market is set to be quiet, as we have US holiday today and the UK on Thursday and Friday. Attention has turned to China, where China have undone some of their Covid restrictions. Although there will still be a serious backlog of shipping, at least we can start getting back to normal. Oil is proving to be the pressure point this morning, as Brent moves above the $120 level on the back of European plans to ban imports of Russian oil. The G7 have eventually urged OPEC to play their role in averting tightening international markets and pump more oil. Let’s see if we can see a move lower, as energy prices continue to plague globally. Ukraine remains a massive thorn in the side of all, especially Europe and to a lesser degree the UK. European leaders are set to meet in Brussels today and tomorrow and we might see some announcements that could have an impact. Euro/ USD will be the measure of any announcement, so we might still see a swing between the major currencies.

The rand is opening at similar levels to the close on Friday. Although there is good news in the pipeline, liquidity has reportedly been poor which might mean that although a quiet week is expected, volatility might still rear its head. Eskom has been well- behaved, but with a cold front on the horizon, we might have to accept some more shedding. Global Equity markets are looking good (bounce back) and as a result of the “risk on” opening, gold has lost some ground. The $ is almost unchanged, but the US 10-year Treasury yield continues to hover around the 2.75%.  SA bond yields are lower this morning, in synch with the stronger rand. Bitcoin has also enjoyed a “risk on” bounce and is trading just above the $30 000 level.

 

US holidays are always a good day to go for lunch. The rand should remain range bound, with an immediate eye on the recent previous low. The announcement of the petrol price increase will stir negative local sentiment, with inflation and the rapidly increasing costs of living becoming more and more of a reality

On the radar…

  • All – Russia/Ukraine Crisis
  • All – Covid 5th Wave
  • EU – EU Leaders Summit
  • US- holiday
  • EU – Consumer Confidence
  • US – Fed Waller Speaks
  • SA – Business Confidence

Did you know?

Russia has 11 different time zones.

Have a lovely week,

Wayne

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