ZAR: an intriguing speech
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 soars vs. yen
On Wednesday, the US dollar regained some traction against the Japanese yen during Asia trade, while remaining under pressure after North Korea launched a ballistic missile into the sea.
The launch, coming just ahead of a summit between Chinese and American leaders, backed demand for the perceived safe-haven Japanese yen, which tends to go up in times of risk aversion or geopolitical tension.
The greenback actually got some help from Japanese importers on a so-called "gotobi" date. That’s a multiple of five on which accounts are normally settled.
However, worries about the upcoming China-U.S. summit capped the greenback’s upside, as well as ascending speculation that US President Donald Trump will experience challenges implementing his promised movies in the wake of his administration's recent failure to pass healthcare reform.
The greenback added 0.1%, hitting 110.85 yen, drifting away from its overnight minimum of 110.27, though quite below last Friday's 10-day high of 112.19 yen.
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