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
CHF
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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
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Out and about with Dirk Scheepers

Out and about is the column where we chat to people who live or have lived and worked abroad. This week we are talking to Dirk Scheepers, currently living in America. Where do you live and why exactly there? I live in New York and would really like to move further south, to Texas, for […]
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3-Hour New York Walking Tour of Brooklyn Bridge and DUMBO – starting of at City Hall Park

Learn about the interesting history of the Brooklyn Bridge and enjoy the great photo opportunities on a 3-hour group guided walking tour. Savor the view of Lower Manhattan and the New York Harbor from the Brooklyn Heights Promenade after you have a chance to admire the beautiful architecture and mansions of this historic neighborhood. Finally, […]
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New York City Wall Street Insider Tour: Points of interest include the New York Stock Exchange

Explore New York’s financial district on this exhilarating and educational walking tour of Wall Street. This behind-the-scenes tour, created by a former Vice President of a major investment bank, provides a true insider view of Wall Street and the billion dollar trading businesses of the world’s largest financial institutions. Book Now You will learn about […]
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Four Points by Sheraton New York Downtown – One of our top picks for 3-star hotels in New York City!

Ideally situated just steps from popular New York City destinations, Four Points by Sheraton New York Downtown is 5 minutes’ walk from Wall Street and the New York Stock Exchange. The shops and restaurants at South Street Seaport are also within 5 minutes’ walk. Free WiFi and daily bottled water are provided for guests’ convenience. […]
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