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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Rand recovers from worst levels
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Are things ‘back on the bus’ now with Trump?
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It’s all aboard the Trumplomacy bus, as President Trump offered China an olive branch yesterday, renewing hope that a ‘trade ‘war’ could be avoided……..
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The rand strengthened overnight
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The rand strengthened overnight as the dollar weakened amidst peace talks between the North and South Korean leaders.
Risk-on sentiment prevailed as a nuclear-free Korean Peninsula looks likely in the near future (no doubt president Trump…….
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Tit for tat:- Tariff increase of Chinese import products
Following China’s 15% tariff on US products, ‘Merica hit back yesterday laying out plans to impose a 25% tariff on Chinese import products.
The tariff could see more than 1300 Chinese imports being effected totalling more than $50 billion. In response, China said it ………
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New fears on the horizon
China’s previously announced tariff on US products came into effect yesterday with more than 120 US products being affected.
The introduction of the 15% tariff could spark fresh fears of a trade war amongst global markets. On the topic of 15%, yesterday also saw the increase of VAT and with fuel levies set to………
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Resolute rand – The rand remains firm
The rand remains firm and opens the day below 11.80/$, spurred on by pro-rand events which transpired yesterday.
SA’s January manufacturing output rose by 2.5%, supporting the expectation that the domestic economy is gaining momentum.
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Jobs data boosts the dollar
The dollar rebounded late Friday on news of higher-than-expected US jobs growth in February.
Hourly wages moderated, easing inflation fears and concerns that the US Fed would hike interest rates 4 times this year.
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Local economy showing positive signs
The rand is taking full advantage of the weaker dollar as it opens at 11.83/$ this morning.
Investors returned to buying emerging market currencies (as opposed to the USD) after Trump’s top economic advisor,
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SONA: Ticked, next-up: Budget – tick tock…
By all accounts President Ramaphosa’s first address to the nation was a roaring success.
All eyes now shift to the 2018 Budget Speech set for Wednesday at 14:00. The rand’s reaction to SONA was muted, with markets waiting to see Wednesday’s balancing act. National Treasury’s focus will be on how to confront the ballooning budget deficit and government debt, amongst many other issues (with the short term goal being to avoid yet another credit rating downgrade).
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No Zooooma Response…. No Confidence!!
Pressure mounts as there is still no outcome as to when President Zuma will be vacating the Union Buildings.
The ANC is expected to have a press conference by 2pm today on whether Zuma would be resigning…rather late than never. In addition, opposing parties are running out of patience and are pushing for a vote of “No Confidence”.
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