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?
Greenback is on track for weekly profit
On Thursday, the evergreen buck surged versus its counterparts because mostly bullish economic data managed to reaffirm investor hopes that the American economy is still on firm footing, while a dive in the UK currency also backed sentiment.
Indicating the evergreen buck’s purchasing power against its main rivals the USD index surged by 0.26% ending up with 96.91.
A storm of economic data including retail sales, which topped economist forecasts paved the way for the US currency to contribute to profits, keeping it on track to post a fifth-straight weekly profit.
On Thursday, the Commerce Department told that core retail sales headed north by 0.7% in October. The given outcome is above experts’ forecast for a 0.5% leap, indication everlasting strength in consumer spending.
As the US Department of Labor informed, initial jobless claims rallied by 2,000 to a seasonally updated 216,000 by November 10, which is in line with analysts’ estimates.
As for manufacturing data, it was mixed. On Thursday, the Philadelphia Fed told that its manufacturing index went down to an outcome of 12.9% in contrast with October’s reading of 21.1. The Empire State manufacturing index headed north by 2.3 points in November hitting 23.3, as the New York Federal Reserve informed.
The UK pound’s greatest dive of 2018 backed the evergreen buck after fresh worries over the progress of the Brexit deal after several ministers stepped down from British Prime Minister Theresa May's cabinet.
The Prime Minister vowed to keep fighting for her draft Brexit pact.
The currency pair GBP/USD went down by 1.79% being worth $1.2758. The currency pair EUR/USD jumped by 0.16% hitting $1.1329.
The currency pair USD/JPY surged by 0.01% showing Y113.64 because safe-haven demand weakened Japan’s currency after a rebound on Wall Street.
The currency pair USD/CAD slumped by 0.483% showing C$1.3177 because crude prices kept rebounding backing the oil-price-sensitive Canadian dollar.
Let’s consider the best and the worst-performing assets as Monday’s session kicks in.
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