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Daily Dose

Daily Dose

Good Morning,

On the wires…

  • Europe burns as heatwave breaks temperature records
  • Russia wants oil payments from India in UAE dirhams, not US dollars
  • Twitter urges judge not to delay Elon Musk hearing on deal, arguing ‘very public dispute’ hurts company
  • SARS strike impact endures, forcing scores of branches to close
  • Motorist wounded in shootout between Gauteng cops and suspected robbers
  • Women’s Afcon gold and glory in sight for ‘absolutely magnificent’ Banyana Banyana’

Quote of the day…

“The only thing that will make you happy is being happy with who you are.” — Goldie Hawn

The indicators…

Currency crackdown…

The rand was able to find some gains yesterday on the back of a softer US Dollar but struggled against a strengthening euro and pound. Overnight the currency remained around the same levels we saw at the close with the rand trading at 17.11 $/R, 17.36 €/R and 20.46 £/R and looks rather subdued this morning as investors gear up for a host of central bank decisions, with the SARB set to hike rates on Thursday. With a very light economic calendar for today, markets will be left looking elsewhere for movement and direction while keeping a close eye on any comments to do with interest rate hikes around the world.

 

In the US a softer USD was hovering just above a one week low as dovish Fed comments pushed markets to reduce the odds of a full percentage rate hike this month. In the EU, the ECB made some hawkish comments that lifted the euro in the lead up to its interest rate decision on Thursday. The euro’s strength came despite the looming threat of a recession and after a Russian oil pipeline was shut off for maintenance amidst growing fears that Russia will not turn it back on to economic sanctions imposed over its invasion of Ukraine.

 

Elsewhere Asian markets retreated tracking a pull back on Wall Street as well as renewed fears on outbreaks of COVID-19 in China. On the commodities side gold traded slightly weaker while oil showed some gains as tight supply worries continued.

On the radar…

  • All – Russia/Ukraine Crisis
  • US – Housing Starts & Building Permits
  • SA – MPC on Thursday
  • EU – Inflation Rate MoM & YoY
  • UK – BoE Gov Bailey Speech
  • EU – ECB Interest Rate Decision on Thursday

Did you know?

When former U.S. president Franklin D. Roosevelt was told his wife was in a prison, he replied, “I’m not surprised. But what for?”

Have a great day,

Keaton

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