| USD = R18.14 | AUD = R12.27 |
| GBP = R21.86 | DXY = 104.46 |
| EUR = R19.34 | Brent Crude = $84.96 per barrel |
The Rand managed to safely navigate it’s way to a close of trade with no curveballs thrown at the Rand on Friday. The Rand had opened the week at R18.19 to the Dollar and improved marginally to close the week out at R18.14, our first weekly advance in a while. Unfortunately the week ahead has a few risk events for us to navigate, most notably on Friday afternoon.
It may be early on Monday morning but the currency market’s eyes are firmly fixed on Friday afternoon when we get the February US jobs report. The January report, released in early Feb, was the primary catalyst for the Dollar’s strong run and not surprisingly so as the market expected 185 000 new jobs while the economy outdid things, and then some, with 517 000 jobs. Expectations for February sit at 225 000 new jobs and the Rand will be hoping that there is no repeat of an outsized beat to the upside.
Before we get to Friday though we have our cabinet reshuffle penciled in for 7pm tonight. In the US FED Chair Jerome Powell is giving a two day testimony at the US senate scheduled for Tuesday and Wednesday. Federal Reserve Chair Jerome Powell is expected to echo fellow central bankers in suggesting interest rates will go higher than policymakers anticipated just weeks ago if economic data continue to come in hot.
China set a modest economic growth target for the year, a sign the nation’s top leaders are still concerned about the country’s recovery, given weak consumer confidence, declining exports and a housing market still under pressure. Beijing will target gross domestic product expansion of around 5% for 2023, Premier Li Keqiang said in his final government work report to the National People’s Congress
The Biden administration is close to tightening rules on some overseas investments by U.S. companies in an effort to limit China’s ability to acquire technologies that could improve its military prowess, according to a U.S. official familiar with the deliberations. The soon-to-be-issued executive order from President Joe Biden will limit American investment in advanced technologies that have national security applications
China largely kept its language regarding Taiwan the same in an annual report to the nation’s legislature, suggesting that President Xi Jinping is maintaining its policy toward the self-ruled island even as global tensions increase. “We should promote the peaceful development of cross-Strait relations and advance the process of China’s peaceful reunification,” Premier Li Keqiang said in a work report to the National People’s Congress, which kicked off in Beijing on Sunday.
SPORT
F1 – Verstappen, Red Bull dominate Bahrain GP as stunning Alonso drive steals the show.
Springboks – Springbok coach Jacques Nienaber is happy with the progress made after the conclusion of the second week of their three-week “physical and rugby development” camp.
Soccer – Erik ten Hag accused his Manchester United players of an “unprofessional” and “unacceptable” performance as they crashed to a humiliating 7-0 defeat at bitter rivals Liverpool on Sunday.