Online Forex broker
Performance in 2020: +9.5%
Last day range: 15.1743-15.2590
52-week range: 13.8100-15.4974
Today, the South African Finance Minister Tito Mboweni is delivering the budget speech (14:00 MT). And that’s a big intrigue for the country and for the ZAR consequently. Currently, South African economy is not in the best shape: state debt is big and keeps increasing, domestic economic growth is sluggish, state-owned enterprises are mostly troubled, the unemployment rate is high. The international prestige of the country suffers a lot because of this venomous bouquet: Moody’s rating gives the lowest mark to South African investment climate. This, in turn, pushes away international capital inflows, which otherwise would be able to give a spark to the country’s economy and revive it at least to some extent.
Under these circumstances, the ZAR has been dropping against the US dollar almost in a straight decline since the beginning of 2020. Compared to where it was on 31 December, it lost almost 10% of its value against the USD. Now, the USD/ZAR is testing the resistance of 15.3000. This level is not only the mid-term resistance established by October high – it is a gate to the lower border of the range where USD/ZAR has been peaking ever since 2015. Therefore, the speech of the South African Finance Minister today will be as timely as tactical, from the currency performance point of view. Even strategic. Especially, if it is indeed going to be full of good news, as the South African President Cyril Ramaphosa noted. Hence, all eyes will be on Mr. Mboweni today – make your bets.
Resistance 15.3000
Support 15.1300
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted
Manager will call your number
Next callback request for this phone number
will be available in {time}
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
Beginner Forex book will guide you through the world of trading.
We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.
|
