US Fed chair Jerome Powell’s hawkish (very positive) testimony yesterday has sent the greenback on a mini-rally.

The dollar gained more than 1% against the majors as Powell expressed optimism that the US economy remains strong. Indications are that rates will continue to be hiked gradually, resulting in speculation that could see four hikes this year (unless the Donald has anything to say about that) with an additional two in 2019.

On the calendar today, SA trade balance (14h00) and US GDP figures (15h00) will be the highlights.

Today’s Rate

USD/ZAR 11.7261
GBP/ZAR 16.2916
EUR/ZAR 14.3365
ZAR/JPY 9.1345
CNY/ZAR 1.8529
AUD/ZAR 9.1419
CHF/ZAR 12.4811
AED/ZAR 3.1926
SGD/ZAR 8.8502
NOK/ZAR 1.4882
EUR/USD 1.2235
GBP/USD 1.3908
GBP/EUR 1.1367

All rates quoted are the interbank rates at time of publishing and shown for indicative purposes only. It is important to note that foreign exchange rates fluctuate and that the rates will vary depending on the amount and product purchased and sold.

Author: Don V