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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The rand takes the gap
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Hawkish Powell boosts the dollar
The rand lost momentum after US Fed Chair Jerome Powell took to the podium at his first congressional testimony yesterday.
The local unit opens at 13.27/$ after Powell spoke hawkishly regarding the US economy, raising expectations of further…………
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The big question, Is the rand coming home?
The rand strengthened overnight after trade tensions between the US and China seemed to ease.
The local unit opens at 13.27/$ and will continue trading in a range between 13.00-13.50/$ over the next couple of days, according to Bloomberg.
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Trade wars are hotting up
The Trump Administration has released a $200bn hot list of Chinese goods to be hit with a 10% tariff ‘after a 2-month consultation period’.
This is not good news for emerging markets, and we are yet to hear what retaliatory measures China has up its sleeve.
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Risk-on drives rand gains
The rand ventured to 13.30/$ yesterday, as ‘risk-on’ sentiment drove emerging market gains (bets are for 1 more US Fed hike in 2018).
The local unit will continue to take its cue from global markets, with Thursday’s US inflation update the next big data release.
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It’s still all about the US
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
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
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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The markets troughs another tantrum
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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Are things ‘back on the bus’ now with Trump?
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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