Pro-Global Forex

09/06/2025

Attention South African Importers, Exporters, and EXPATS (South African citizens temporarily working abroad) This news directly affects your International Banking transactions via local, South African Banks. So please follow and keep informed 🌍 Reach out if you need preferential exchange rates for your transfers, we guarantee the sharpest exchange rates via select local Banks for ALL International Banking Transfers. Contact Jacky on 0710500401 or Whatsapp 0790144676

20/12/2021

Good morning all. Please note that this will be the last Daily Market Update for the year, we will resume sending the commentary on the 3rd of January 2022. For any market colour or commentary, please contact your respective dealers.

USD
The dollar broke its downward momentum and strengthened against rivals in Friday’s session as market participants fled to the havens amid renewed concerns on the rising Omicron variant cases . The dollar demand steered the dollar index to a high of 96.689 to finally close out at 96.565.

EUR
The euro tracked lower on the day as risk off sentiment flooded the market and remained the driver throughout the session. The single currency was further dented by a decline in German Business Climate Index print of 94.7 points from a prior 96.5 points.

GBP
The pound came off its recent high and retreated to a low of $1.3227 during the session as risk appetite soured and Omicron jitters hampered the cables performance. The cable managed to trade to a high of $1.3339 before closing the session at $1.3242.

ZAR
The South African rand edged lower for a 3rd consecutive session to end the week on Friday, continuing to claw back some lost grounds, despite the dollar having a good run on the day against its peers. Subdued flows on the back of the holiday season, most likely aided the local unit on the day. The rand strengthened to a low of R15.7939/$, before ending the session at R15.8740/$.

There isn’t much to look forward to on the data front, as such, the rand will continue to take its cue from global markets and other market moving events.

Expected ranges for the day:
• USDZAR: R 15.7500/$ - R16.0500/$
• EURUSD: $ 1.1220– $1.1290
• GBPUSD: $ 1.3190 – $1.3270

This communication (“this communication”) has been provided by the corporate and investment banking division of Absa Bank Limited a registered bank in the Republic of South Africa, a subsidiary of Absa Group Limited, with company registration number: 1986/004794/06 and with its registered office at: Absa Towers East, 3rd Floor, 170 Main Street, Absa Towers West, 15 Troye Street, Johannesburg 2001, Republic of South Africa (“Absa”). Absa is regulated by the South African Reserve Bank. Absa has provided this communication for information purposes only and you must not regard this as a prospectus for any security or financial product or transaction. This communication is from an Absa Sales and/or Trading desk and is not a product of the Absa Research department. This communication has not been produced, reviewed or approved by the Absa Research Department, and is not subject to any prohibition on dealing ahead of the dissemination of research. The views in this communication are not a personal recommendation and do not take into account whether any product or transaction is suitable for any particular investor. This message is subject to the terms and conditions at: http://www.absa.co.za/disclaimer. This communication is confidential and no part of it may be reproduced, distributed or transmitted without the prior written permission of Absa.

09/12/2021

08/12/2021

USD
The dollar pushed higher again in yesterday’s session, strengthening for a 2nd consecutive day as safe-haven demand continues to be a market driver. The dollar index reached a high of 96.592 and ended the session at 96.369.

EUR
The euro continued to slide yesterday, as poor economic data weighed on the currency. The German ZEW Economic Sentiment data for December indicated that German investor sentiment fell more than anticipated, printing at 29.9 points from 31.7 points in November. The single currency fell to a low of $1.1226 before ending the session at $1.1263 on the day.

GBP
The pound ended the session soft yesterday, having spent the day unravelling its previous day’s gains. Speculation over the Bank of England’s monetary policy stance continues to dampen sentiment. Pound Sterling traded a low of $1.3207 and ended the session at $1.3242.

ZAR
Although having started the day firm, the local currency lost its footing during intraday trading after the GDP data print indicated that the economy had contracted by 1.5%, putting an end to four consecutive quarters of growth. The local unit touched a high of R16.0355/$ but thereafter managed to claw back its earlier losses and ended the session relatively firm at R15.8396/$, boosted by waning concerns of the severity of the Omicron variant

We are thin on the data front today with only local Retail sales data due this afternoon as well as Jobs Openings data from the US.
Expected ranges for the day:
• USDZAR: R 15.7000/$ - R16.0000/$
• EURUSD: $ 1.1260– $1.1330
• GBPUSD: $ 1.3210 – $1.3270
This communication (“this communication”) has been provided by the corporate and investment banking division of Absa Bank Limited a registered bank in the Republic of South Africa, a subsidiary of Absa Group Limited, with company registration number: 1986/004794/06 and with its registered office at: Absa Towers East, 3rd Floor, 170 Main Street, Absa Towers West, 15 Troye Street, Johannesburg 2001, Republic of South Africa (“Absa”). Absa is regulated by the South African Reserve Bank. Absa has provided this communication for information purposes only and you must not regard this as a prospectus for any security or financial product or transaction. This communication is from an Absa Sales and/or Trading desk and is not a product of the Absa Research department. This communication has not been produced, reviewed or approved by the Absa Research Department, and is not subject to any prohibition on dealing ahead of the dissemination of research. The views in this communication are not a personal recommendation and do not take into account whether any product or transaction is suitable for any particular investor. This message is subject to the terms and conditions at: http://www.absa.co.za/disclaimer. This communication is confidential and no part of it may be reproduced, distributed or transmitted without the prior written permission of Absa. Absa.

06/12/2021

CURRENCY NEWS

USD
The dollar took strain and traded under pressure ahead of the nonfarm payrolls print but managed to regain its composure to end the week on the front foot as the lower-than-expected payrolls print of 210K lifted the dollar. The dollar index traded a low of 95.967 and a high of 96.448 and ended the week at 96.117.

EUR
The euro ended the session moderately firm and benefited from a rebound in risk appetite despite dipping sharply and erasing its earlier gains as risk sentiment soured following the Non-Farm Payrolls print. The euro reached a high of $1.1333 and closed the session at $1.1313.

GBP
The pound edged lower in Friday’s session succumbing to the dollar strength. The cable was further dented by policy maker Michael Saunders comments, which signalled lower prospects of raised interest rates from the BOE. The pound touched a low of $1.3207 and ended the session at $1.3231.

ZAR
The rand consolidated on the downside in Friday’s session, plummeting to the R16.1457/$ handle and extended further losses towards the end of intraday trading as dollar demand increased post the Non-Farm Payrolls print and as risk-on flows declined. As increasing daily Covid-19 positive cases continue to fuel negative market sentiments and with the possibility of further lockdown restrictions on the horizon, the local unit is set to have a challenging time ahead this festive season.

A quiet day on the data cards locally with a few releases from the Eurozone and UK, expect Covid-19 developments and other global factors to drive markets

Expected ranges for the day:
• USDZAR: R 15.9500/$ - R16.2500$
• EURUSD: $ 1.1250– $1.1350
• GBPUSD: $ 1.3200 – $1.3260

06/12/2021

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“Pro-Global Forex - Where Value is measured in Rands & Sense”

Pro-Global Forex (Pty) Ltd is a licensed Financial Services Provider in terms of Section 8 of the Financial Advisory & Intermediary Services Act 37, 2002 (Licence Number 33691). There are risks associated with investments in financial products, including market, credit & currency risks. Past performance is not necessarily an indication of future performance
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Pro-Global Forex is an independent & licensed financial services provider in terms of section 8 of the Financial Advisory & Intermediary Services Act 37, 2002 registered with the Financial Services Board and authorised by the South African Reserve Bank to carry out its operations.

03/12/2021

CURRENCY NEWS

USD

The dollar index ended the session moderately firmer after being mostly range bound. The dollar index peaked at 96.175, underpinned by positive US Jobless Claims print of 222 000. The dollar index ended the session at 96.156.

EUR
The euro retreated and erased its earlier gains at the start of the New York session on the back of a slightly firmer dollar. Momentum for the single currency remained on the downside, in tandem with diminished risk appetite as market participants remained cautious ahead of today’s US Non-Farm Payrolls print. The euro finally closed at $1.1299 after trading a low of $1.1293.

GBP
The cable posted additional gains despite struggling to find direction in yesterday’s session as risk exchanged hands. Pound Sterling managed to end the session relatively firm at $1.3306 after trading to a high of $1.3333.

ZAR
The rand rebounded as Omicron variant jitters seem to be cooling down. Investors made room for risk appetite and were on the hunt for the local unit as their high-yielding currency. Researchers at Oxford Economics have indicated in a note that should current vaccines prove effective against the latest strain, risk-off sentiment will most likely subside. The local unit strengthened to a low of R15.7650/$ and closed the session at R15.9287/$.
On the economic calendar we have domestic STD Bank Whole Econ Print and international prints from the Eurozone, UK and US with the US Non-Farm Payrolls print today at 15:30 the main headliner. We anticipate the rand to take its direction from these releases and other global events.

Expected ranges for the day:
• USDZAR: R 15.800/$ - R16.0500$
• EURUSD: $ 1.1275– $1.1350
• GBPUSD: $ 1.3270 – $1.3330

This communication (“this communication”) has been provided by the corporate and investment banking division of Absa Bank Limited a registered bank in the Republic of South Africa, a subsidiary of Absa Group Limited, with company registration number: 1986/004794/06 and with its registered office at: Absa Towers East, 3rd Floor, 170 Main Street, Absa Towers West, 15 Troye Street, Johannesburg 2001, Republic of South Africa (“Absa”). Absa is regulated by the South African Reserve Bank. Absa has provided this communication for information purposes only and you must not regard this as a prospectus for any security or financial product or transaction. This communication is from an Absa Sales and/or Trading desk and is not a product of the Absa Research department. This communication has not been produced, reviewed or approved by the Absa Research Department, and is not subject to any prohibition on dealing ahead of the dissemination of research. The views in this communication are not a personal recommendation and do not take into account whether any product or transaction is suitable for any particular investor. This message is subject to the terms and conditions at: http://www.absa.co.za/disclaimer. This communication is confidential and no part of it may be reproduced, distributed or transmitted without the prior written permission of Absa.

01/12/2021

CURRENCY NEWS

USD

The dollar posted additional gains in its earlier activities soaring to an intraday high of 96.642 but failed to maintain its momentum, following hawkish comments from the Fed’s chair, asserting that elevated levels of inflation are no longer merely transitory but that the risk of higher inflation has increased, further reaffirming the notion of accelerated asset tapering. The dollar index ended the session slightly lower at 95.994.

EUR

The euro retraced some of its previous losses earlier in the session but plunged to a low of $1.1234 post hawkish sentiments from the FED. The euro found its footing in the latter parts of intraday trading and managed to trade to a high of $1.1314 to end the session marginally on the upside at $1.1336.

GBP

The cable was also caught in the storm of Fed tapering signals and extended further losses, trading lower against both the dollar and euro. Lingering uncertainty on the BOE’s looming rate decision and the Omicron variant’s impact on economic growth also weighed on the currency. Pound Sterling traded a low of $1.3193 and closed the day at $1.3295.

ZAR

The rand firmed in yesterday’s session and displayed some resilience on the back of a slightly weaker dollar. The local unit strengthened to a low of R15.8457/$ and benefited from a wave of renewed risk-on appetite. The local unit ended the session relatively firm at R15.8735/$ after reaching a high of R16.2439/$.

The rand is still not out of the woods as increasing fuel prices, a rising unemployment rate and Omicron variant jitters continue to threaten the rand’s stability.

No local data is expected today, the rand is likely to take direction from global events and COVID-19 updates.

Expected ranges for the day:
• USDZAR: R 15.7000/$ - R16.0000$
• EURUSD: $ 1.1300– $1.1400
• GBPUSD: $ 1.3275 – $1.3375

23/11/2021

CURRENCY NEWS

USD
The dollar continued its winning streak bolstered by President Biden’s nomination of Jerome Powell for another term as Fed chair. This raised renewed expectations of a hawkish stance being implemented sooner than expected. The dollar index closed the day higher at 96.548 after reaching a low of 96.038.

EUR
The common currency lost further ground to the dollar post the Fed chair announcement. It traded to a high of $1.1290 before closing weaker at $1.1236. The COVID-19 infections as well as the ECB’s view that inflation is transitory and its reluctance to hike rates continued to weigh on the currency.

GBP
The cable traded to a low of $1.3385 before closing the session at $1.3400 weighed down by the dollar. Brexit concerns over Northern Ireland and COVID-19 concerns continued to put pressure on the currency as investors wait on the sidelines for more cues coming from the bank of England.

ZAR
The South African Rand had a volatile day in yesterday’s session, trading under pressure intraday on the back of a soaring dollar and safe haven demand flows.

The rand which remains vulnerable to global factors, ended the session at R15.8503/$, and was weighed down by risk off market conditions. Powell’s renomination for FED chair as well as rising COVID-19 cases in Europe also dampened any prospects for a rand recovery on the day. The rand depreciated to a high of R15.8562/$ after strengthening to a low of R15.6760/$.

No data is due locally today, internationally on the data front, we have an array of data due from France, Germany, Eurozone and the UK today. We expect global factors and COVID-19 updates to influence markets.

Expected ranges for the day:
• USDZAR: R 15.7800/$ - R15.8900$
• EURUSD: $ 1.1200 – $1.1290
• GBPUSD: $ 1.3350 – $1.3410

This communication (“this communication”) has been provided by the corporate and investment banking division of Absa Bank Limited a registered bank in the Republic of South Africa, a subsidiary of Absa Group Limited, with company registration number: 1986/004794/06 and with its registered office at: Absa Towers East, 3rd Floor, 170 Main Street, Absa Towers West, 15 Troye Street, Johannesburg 2001, Republic of South Africa (“Absa”). Absa is regulated by the South African Reserve Bank. Absa has provided this communication for information purposes only and you must not regard this as a prospectus for any security or financial product or transaction. This communication is from an Absa Sales and/or Trading desk and is not a product of the Absa Research department. This communication has not been produced, reviewed or approved by the Absa Research Department, and is not subject to any prohibition on dealing ahead of the dissemination of research. The views in this communication are not a personal recommendation and do not take into account whether any product or transaction is suitable for any particular investor. This message is subject to the terms and conditions at: http://www.absa.co.za/disclaimer. This communication is confidential and no part of it may be reproduced, distributed or transmitted without the prior written permission of Absa.

The information contained in this communication is confidential and may be legally privileged.

11/10/2021

Challenging all South African Importers & Exporters to beat our wholesale currency exchange rates on all their international banking transfers. We guarantee a saving of time & money through select local Banks

Pro-Global Forex (Pty) Ltd is a licensed Financial Services Provider in terms of Section 8 of the Financial Advisory & Intermediary Services Act 37, 2002 (Licence Number 33691). There are risks associated with investments in financial products, including market, credit & currency risks. Past performance is not necessarily an indication of future performance

09/10/2021

Challenging all SA Import and Export companies to beat our exchange rates, or get R1k cash back😎

26/07/2021

International
A good start to the week for the U.S dollar as it further advanced, benefitting from risk aversion triggering a flight to safety as investors remain concerned about the coronavirus impact on the global economy. The dollar index closed the session at 92.891 after reaching a high of 93.039.
The single currency steadily continued its losing streak on the back of a stronger dollar as risk appetite faded. The euro finished the day weaker at $1.1797 after reaching a low of $1.1766.
The pound ended on the back foot against its rivals as concerns surrounding the delta variant and inflation continues to weigh on the currency, especially with restrictions now being lifted in the UK. Cable closed the session at $1.3673 after reaching a low of $1.3655.
ZAR
The rand lost ground in yesterday’s session, giving back some of its gains as the dollar rallied. A decline in risk appetite drove investors to the havens and the rand ended the day at R14.5648/$ after reaching a high of R14.6021/$
Emerging market currencies also took a dip with the rand and Turkish Lira at the front-line, leading losses as Delta variant Covid-19 cases continue to surge.
No data expected on the local front today, but a few data prints in the US and Eurozone are scheduled for release. The rand is likely to take direction from these releases while awaiting local inflation and rates decisions later this week.

This communication (“this communication”) has been provided by the corporate and investment banking division of Absa Bank Limited a registered bank in the Republic of South Africa, a subsidiary of Absa Group Limited, with company registration number: 1986/004794/06 and with its registered office at: Absa Towers East, 3rd Floor, 170 Main Street, Absa Towers West, 15 Troye Street, Johannesburg 2001, Republic of South Africa (“Absa”). Absa is regulated by the South African Reserve Bank. Absa has provided this communication for information purposes only and you must not regard this as a prospectus for any security or financial product or transaction. This communication is from an Absa Sales and/or Trading desk and is not a product of the Absa Research department. This communication has not been produced, reviewed or approved by the Absa Research Department, and is not subject to any prohibition on dealing ahead of the dissemination of research. The views in this communication are not a personal recommendation and do not take into account whether any product or transaction is suitable for any particular investor. This message is subject to the terms and conditions at: http://www.absa.co.za/disclaimer. This communication is confidential and no part of it may be reproduced, distributed or transmitted without the prior written permission of Absa.