Hi subscriber,

Here's the CURRENCY HUB Monthly Market Update, reflecting on last month's trading and the short-term expectations.

Monthly Client Profit Summary

Commentary From the Trading Desk.

September proved to be a great month for the ZAR, as we saw strength we haven't seen in some time. The ZAR strengthened from 17.84 to about 17.04 against the USD, around 4% gain last month. Our trading desk managed to achieve a high of 1.94% Net, and an average of 1.04% Net for our clients. Despite facing difficult challenges in the trading environment last month, these returns were great.

Many economic events took place this month which was a main force in the ZAR strengthening. Rate cuts where the main talk. On the 18th of September the Fed(US) decided to cut rates by 50bps amid signs that inflation was moderating and the labour market was weakening. On the other hand, SARB decided to cut rates by 25bps a day after data showed headline inflation fell just below 4.5%.

The Crypto market was yet again another interesting one. Bitcoin closed out the month with a 11% gain, which makes it the best-performing month since 2013. Historically, September has been a bearish month for Bitcoin, but 2024 has defied this trend. Major events included Polygon's transition to its new $POL token and Thorchain's significant upgrade. This transition is seen as part of Polygon's broader efforts to cement its role as a major Layer-2 scaling solution for Ethereum.

We are expecting some more ZAR strength in the last quarter of 2024 as that is what the trends are showing. With this, we should see a relatively stable premium and even better returns.

Capitec Correspondence Regarding Form 445: NB!!

Some of our clients have received an email from Capitec “Notice of account restriction “ containing re-verification forms that require your attention. This is part of the necessary compliance process (UBO) and global standards of reporting at the Banks.

Regrettably, we cannot streamline this for our clients, this is what you need to do.

• Form to complete: You are required to sign form 445, specifically pages 1 and 6.
• Submission: Once signed, please submit the completed forms directly to businessbankfica@capitecbank.co.za.
• Please CC operations@currencyhub.co.za so we can track this for you
• Subject of Mail - CAPITEC Form 445
Please complete this before 1st Nov 2024, failure to do so means we cannot do your arbitrage / FX.

Reach out to the Team if you require any help.

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Tuuurtle NCR Update

We are currently engaged with compliance and service providers with regards a solution.
Thanks for your continued support.

The CURRENCY HUB Team
currencyhub.co.za