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 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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The Trump Administration has released a $200bn hot list of Chinese goods to be hit with a 10% tariff ‘after a 2-month consultation period’.
This is not good news for emerging markets, and we are yet to hear what retaliatory measures China has up its sleeve.
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The rand ventured to 13.30/$ 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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The US is set to implement additional tariffs on Chinese goods totalling $34 billion as of the 6th of July.
China has come out saying they are “fully prepared” for a trade war with the US, with little sign of an end to mounting tensions. As a result, global equity stocks closed weaker yesterday as fears over a trade war continue to do the rounds.
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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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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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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 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 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.
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