
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
The South African currency has weakened on Tuesday. As a result, the USD/ZAR pair has tested its March’s highs near the 14.63 level.
· One of the main reason has political roots. Cyril Ramaphosa, the recently chosen president of South Africa, vowed to boost employment and eliminate corruption. However, investors worry about his ability to do that. Their worries increased after the widely expected announcement of the new Cabinet was postponed on Monday.
· The head of Eskom, the South African electricity public utility, Phakamani Hadebe, resigned from his post. Now, the leading state enterprise is expected to report a 20 billion rands loss for the previous financial year.
· Finally, S&P Global Ratings kept South Africa’s credit rating below investment grade on Friday.
· Also, take a note that the escalation the US-China trade war hurts the ZAR as well.
Now investors pay attention to the news concerning the announcement of the new Cabinet of ministers. The decision should be made later this week.
Bulls keep testing the resistance at the weekly pivot at 14.6287. The next resistance will lie at May 28 high at 14.7220. The pair needs to fall below the 14.5215 and 14.4282 levels to resume the bearish pressure. The first support for it lies at 14.3210. If this level is broken, the next key support will be placed at 14.2761 (50-day SMA).
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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