Rand recovers from worst levels

As we all unwound on Friday in readiness for the weekend, the rand staged a last minute recovery against the US dollar, euro and pound.

While high-impact data is in short supply at the start of this week, we all know it doesn’t take much to keep the currency market on its toes. The German IFO business confidence reports could have a modest impact on the EUR/ZAR exchange rate this morning, with improved sentiment potentially boosting the euro.

And there’s more confidence data on the cards tomorrow, this time from the US. Signs that consumers are in more upbeat frame of mind are generally good news for the US dollar, so the rand may start feeling the heat again if the report impresses.

Latest Rates

USD/ZAR 13.47
GBP/ZAR 17.86
EUR/ZAR 15.66
ZAR/JPY 8.06
CNY/ZAR 2.07
AUD/ZAR 10.00
CHF/ZAR 13.60
AED/ZAR 3.67
SGD/ZAR 9.92
Continue reading…

Enjoyed this post? Share it!


ZAR extends losses against the US dollar

The past few months certainly haven’t been kind to the rand, with the emerging-market currency tumbling 13.6% against the US dollar so far this quarter.

But it appears that the South African Reserve Bank (SARB) won’t be taking any sudden action to bolster the currency.

Yesterday SARB Deputy Governor Kuben Naidoo was quoted as saying: ‘If there is persistence in that currency weakness and it feeds into other prices, we would have to act. It’s not an immediate response, we will wait – because the economy is weak we can afford to wait and see. That may be a few months, maybe a few quarters’.

Today’s high-profile South African inflation report is the main news to focus on, with an unexpected result having the potential to spark yet more rand volatility.

Latest Rates

USD/ZAR 13.77
GBP/ZAR 18.10
EUR/ZAR 15.89
ZAR/JPY 8.01
CNY/ZAR 2.11
AUD/ZAR 10.11
Continue reading…

Enjoyed this post? Share it!


Brexit Bill:- Pound exchange rates volatile as UK government passes crucial bill

The pound fluctuated on Tuesday, as while the UK’s latest labour figures failed to impress markets, they were later relieved by the passing of the government’s latest Brexit bill.

Sterling appears to be on the defensive this morning, with GBP/EUR muted at €1.1365, GBP/USD edging down to $1.3349, while GBP/CAD and GBP/AUD holding steady at C$1.7403 and AU$1.7637 respectively. Only GBP/NZD is currently showing any real signs of movement as it tumbles to NZ$1.9039.

Looking to today the focus will be on the US dollar and the Federal Reserve as the bank looks set to implement its second rate hike of the year.

What’s been happening?

The pound struggled to advance once again on Tuesday as the currency found only limited support from some mixed employment figures.

The latest labour report revealed the UK workforce swelled by a further 146,000 workers in April, with the rise being welcomed by GBP investors as it drove domestic emplo
Continue reading…

Enjoyed this post? Share it!