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South African Rand Dec '24 (T6Z24)

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South African Rand Prices for [[ item.sessionDateDisplayLong ]]
Find the latest South African Rand prices and South African Rand futures quotes for all active contracts below.
[[ timeframe ]] futures price quotes as of Wed, Sep 18th, 2024.
Latest price quotes as of [[ snapshotDate ]].
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Looking for expired contracts? Check out our South African Rand Historical Prices page.

South African Rand Futures Market News and Commentary

Dollar in Defensive Mode Ahead of FOMC Decision

The dollar index (DXY00) today is down by -0.12%.  The dollar is trading defensively ahead of this afternoon’s FOMC decision.  Heightened speculation the Fed will opt to cut the fed funds target range by 50 bp today instead of 25 bp is weighing on the dollar as swap markets show that the odds of a 50 bp rate cut rose to 66% today from 52% last Friday.  The dollar recovered from its worst levels after today’s US housing starts and building permits report rose more than expected, a hawkish factor for Fed policy.

US Aug housing starts rose +9.6% m/m to a 4-month high of 1.356 million, stronger than expectations of 1.318 million.  Aug building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475 million, stronger than expectations of 1.410 million.

The markets are discounting the chances at 100% for a -25 bp rate cut at the conclusion of today’s FOMC meeting and at 66% for a -50 bp rate cut at that meeting.

EUR/USD (^EURUSD) today is up b... Read more

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