South African Rand Futures Market News and Commentary
The dollar index (DXY00) on Monday rose +0.684 (+0.70%). Jun euro-fx futures (E6M0) closed down -0.0093 (-0.84%), and EUR/USD (^EURUSD) fell -0.0098 (-0.88%). Jun yen futures (J6M0) closed down -0.23 (-0.24%), and USD/JPY (^USDJPY) fell -0.03 (-0.03%).
The dollar index on Monday pushed higher on continued dollar liquidity demand due to expectations the U.S. economy will be locked down longer than earlier expected and due to the spreading lockdowns worldwide. President Trump on Sunday said Americans will need to practice "social distancing" until at least April 30.
The dollar index on Monday also pushed higher on weakness in EUR/USD, which fell on European economic concerns. Also, the Chinese yuan fell against the dollar after the PBOC cut interest rates.
A -6% plunge in crude oil on Monday weakened the crude-export currencies of Canada, Mexico, and Russia, and was supportive for the dollar. By contrast, the dollar was undercut by weaker interest rate differentia... Read more