A slow day in the currency space, which saw most currencies tracking sideways. The dollar traded fairly range-bound against most of its peers, with the euro currently holding firm around the 1.0850 mark. The dollar gained 1% against the JPY as markets digest the minutes from last week’s Bank of Japan meeting. The rand has traded back to the R17.20 levels, with US Treasury Yields creeping higher during the afternoon. The rand remains stuck in a broader R16.80 to R17.40 range as we await this week’s first MPC meeting of 2023 and remain driven by rhetoric from Fed speakers.

Commodities have mostly traded softer during the day, with optimism over an increase in Chinese demand slipping away. Gold is currently 0.5% weaker on the day, while Platinum and Palladium are both closer to 1% down. Copper has bounced off the recent 7-month high after trading at $9,400 earlier today. Brent Crude is up 0.8% for the day, holding on to the gains we saw late last week.

#ExchangeRateRisk #BankOfJapan #Treasury