Just like Groundhog day (without the nostalgia), it’s unfortunately more of the same for the local unit and economy.
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Rand’s downward spiral continues on SA recession
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The trade talks set to spark rand volatility
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The rand has held its ground over the past 24hrs, but markets are expected to react as we draw closer to the highly anticipated two-day US-China bilateral trade talks.
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Rand cracks under ‘perfect storm’
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The rand touched 14.75/$ yesterday after facing a barrage of negative news.
Turkey announced retaliatory tariffs against the US, Moody’s released a damning report on the state of SA’s economy ……….
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Well well, the Dollar is down and the rand up!
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US President Trump threatened to impose tariffs on all $500bn worth of Chinese imports following China’s vow to fight until the end.
As trade tensions intensified the greenback lost ground, which saw EM currencies and the rand strengthen to close at 13.33/$ yesterday.
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The rand takes the gap
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The rand was the 2nd best performing currency last week, taking advantage of a simmering trade war and China’s announcement of a stimulus package to boost its economy (tax cuts).
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It’s still all about the US
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The local unit scored somewhat of a consolation goal on Friday (sorry Argentina fans), as global equities and EM markets ended the week stronger.
Eyes are still on the US though as June Fed minutes and job numbers will be out later this week. The data, coupled with escalating trade tensions between the US and China, could provide more volatility than the Spain vs. Russia penalty shootout.
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Rand creeps lower vs. EUR, USD and GBP
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While there’s been plenty of World Cup drama this week (mostly focused on VAR controversy) the rand has been having a less exciting few days.
But while ZAR hasn’t experienced a significant shift since the weekend, it has still edged lower against the US dollar, euro and pound.
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Rand recovers from worst levels
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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.
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ZAR extends losses against the US dollar
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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.
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The markets troughs another tantrum
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The rand lost 2% against the USD yesterday, as markets had another ‘taper tantrum’.
March US retail sales were revised upwards to 0.8% (Month on month), raising fears that the US Fed may indeed …….
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