The South African Finance Minister is delivering a budget speech today. There may be a strong impact on ZAR, so what's going to happen?
Evergreen buck tacks on as Draghi suppresses euro
On Thursday, the evergreen buck went up versus a group of key currencies suppressed by a diving common currency right after ECB Governor Mario Draghi warned that euro area surge was cooling.
Indicating the purchasing potential of the American dollar against its primary peers the USD index headed north by 0.55% ending up with a reading of 96.34.
Draghi stressed that the risks having to do with the euro area surge outlook have moved to the downside due to ongoing uncertainties.
The downtick in growth could be explained by a number of issues, such as geopolitical factors, the threat of protectionism, not to mention vulnerabilities in emerging markets as well as financial market volatility.
The dovish remarks showed up right after the EU’s key financial institution left its benchmark rate on hold, with Draghi stressing that interest rates could be kept lower for longer on the condition economic frailties in the region persist.
The currency pair EUR/USD headed south by 0.70% coming up with a reading of $1.1301.
The currency pair GBP/USD declined by 0.24% being worth $1.3036 due to the fact that downside momentum in the currency pair has been restricted by soaring hopes that Great Britain will avoid departing the European bloc without a trade agreement, even as experts urged caution.
Market experts at IBNP Paribas are assured that the British legislative body won’t be able to find a solution to the current issue, and that a second referendum is the most probable result.
The currency pair USD/JPY jumped by 0.06% trading at Y109.65 because demand for Japan’s currency on the back of US-China trade clashes, kept a lid on profits in the currency pair.
Wilbur Ross, Commerce Secretary affected investor sentiment by telling that America is far away from an agreement with China.
The currency pair USD/CAD rallied by 0.11% being worth C$1.3353.
Let’s consider the best and the worst-performing assets as Monday’s session kicks in.
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