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Here's the CURRENCY HUB Monthly Market Update, reflecting on last month's trading and the short-term expectations.
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Monthly Client Profit Summary (May 2024)
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Commentary From the Trading Desk
May was a great month for trading; we saw some super returns with the ZAR/USD strengthening quite a bit. Towards the end of May, there was quite a lot happening that can typically impact the premium. While election uncertainty typically exerts a negative impact on the ZAR, it's just one factor among many. Despite this, the premium remained robust at around 2.7% gross, a positive sign compared to historical averages. The successful conclusion of South Africa's elections, albeit with the need for coalition formation by the ANC, injected a sense of stability into the political landscape.
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On the global front, US economic data, was a mixed bag, however it does seem like rate cuts are coming and the ZAR has used that as an excuse to strengthen. Additionally, the approval of Ethereum ETFs highlights the increasing integration of cryptocurrencies into mainstream finance, suggesting a growing acceptance of digital assets as viable investments. These combined factors contributed to the overall performance of crypto arbitrage in South Africa during the period. For the coming month, watch for the confirmation of listing date for ETH ETF and probably speculation on SOL and XRP ones and horse trading around the coalition.
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AIT applications submitted by “our” accountants between the 1st of June and 31st August will be FREE. Reach out to any of us if you would like to be introduced to an accountant.
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Tuuurtle NCR Update
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We are currently engaged with compliance and service providers with regards a solution.
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REFERAL PROGRAM - Earn a 5% - 20% of our profits
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For more info follow the link below. If you think you can refer larger communities, enquire about our "Whale Referral Program".
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Join our Telegram / WhatsApp Group
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Please join our Telegram and/or WhatsApp group. The purpose of these social media groups is exclusively for broadcasting news about the Premium and the markets.
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Thanks for your continued support.
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