Power-UP! The anti-load shedding channel
The dollar continues to trade on the back foot after yesterday’s inflation print as sentiment towards EMs improved. It was a choppy afternoon session, where the dollar eventually clawed back most of the losses, but overnight we saw the dollar soften further.
This morning the euro is seen quoted at 1.0840 while the pound is trading at 1.2185. The Yen broke below 130 for the first time since May 2022, and the further you go down the board, the dollar reads softer.
The rand is trading back at the levels we saw after the CPI print and could perhaps have another test at the R16.70 handle. With not much tier 1 data out today, we will mostly follow the dollar and see how the market digests the inflation print further.
Copper prices have been on the rebound since China re-opened its borders and currently trades around $9,140. Overall, metals have been trading slightly on the back foot this morning after rallying late yesterday afternoon. Gold is currently trading just below its 8-month high after US inflation printed in line with expectations and is seen quoted at $1,895.
Platinum and palladium are both slightly softer, quoted at $1,060 and $1,800, respectively. Brent Crude remains in the lower $80’s per barrel and is also just off this morning’s open at $84.
Source: bizcommunity.com
