US data out today

Like its UK equivalent, the US Federal open Market Committee minutes are sure to cause ripples for the world’s largest economy. They may give an insight as to if or when the US is able to start raising interest rates which is likely to impact on the price of the Dollar. Since many commodities are priced in the greenback this has huge significance for various market sectors and may affect a currency pair you had not considered. With gold being priced in Dollars, and South Africa being the world’s largest single producer of gold, as the Dollar rate changes, so does the amount of gold investors can afford, and therefore the ZAR strengthens or weakens as a result. As you can see the impact of the US information out this afternoon doesn’t only affect clients looking at buying or selling Dollars directly but also those clients looking at a range of other currencies