Daily commentary on forex
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CRYPTOCURRENCY EXPERTS IN PAKISTAN
With CPI exceeding the target, it would appear that the Bank of Canada will halt tightening monetary policy. The US dollar is currently trading with a firmer tilt inside of yesterday's range. The CAD1. Money markets price the deposit rate being taken to 2. What does this all mean for the euro? We continue to expect a weaker euro in the medium term. Does the delay signify greater cost-cutting at work?
Where the ground looks slightly firmer is on the Bank of England BoE side. A recent speech by the BoE's Ben Broadbent makes the case that the BoE does not need to respond as aggressively as the markets have priced to government spending plans. Let us watch the market for you Currency market are always moving.
Set an alert so you never miss your desired. Monetary policy has thus far moved in lockstep with the Fed. Data from the US yesterday showed that earnings are starting to come under pressure, house price growth is decelerating, and consumer confidence is waning.
Comments from the US Senate Banking Committee yesterday reminded the Fed that their mandate is not just about controlling inflation but about maintaining full employment as well. The ZAR was able to take advantage alongside most other currencies, and readers should recall that the USD is extremely overvalued at current levels and is due a correction. There is so much priced into the USD that the risks are asymmetrically building against it.
There are many fiscal hurdles to overcome, and whether he can strike a balance between fiscal orthodoxy, conservatism and consolidation yet still supporting the economy will determine how the ZAR ends the week. It is a tough ask of the National Treasury and the Finance Minister but of paramount importance if SA still wants to attract foreign investment and remain relevant in the global investment community.
It is hard to see the entities floating out of debt distress, with privatisation the only real fix that will still take a few budget cycles to be expressed and perhaps even an election. Other significant topics include public sector wages and hiring, social relief grants, and any updates to forecasts. Budget data has shown that SA is in a rare moment of budget outperformance.
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