Friday night ended on a high, with no dreaded downgrade from credit ratings agency Moody’s.
The announcement was greatly welcomed as it was supported with the outlook being changed to stable, which looks to restore some
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Credit Ratings Agency Moody’s shows us the light
The Trade war heats up …Take cover!
The rand is stronger this morning as the US and China Trade war heats up.
“The Donald” announced plans to slap certain Chinese imports with a 25% tariff, which was met with “fire and fury”
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SA “Moody” over inflation and dollar strength
The rand strengthened overnight despite US inflation and expected US interest rate hikes.
Future US inflation is predicted to break the Feds 2% target, forcing the powers that be to increase interest rates
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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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Trade war fears ease
The rand opens at 11.83/$ after emerging market currencies recovered overnight thanks to dollar weakness. The greenback weakened after Pres. Trump’s plans to impose tariffs on steel/aluminium imports took a big blow, with Democrats and Republicans being opposed to the idea (meaning the plan probably won’t become policy and a global trade war less likely)…
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Forget the bark, Powell bites!
US Fed chair Jerome Powell’s hawkish (very positive) testimony yesterday has sent the greenback on a mini-rally.
The dollar gained more than 1% against the majors as Powell expressed optimism that the US economy remains strong.
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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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Rand slides on US inflation fears
The rand weakened overnight as a result of better than expect US Jobs numbers and wage growth released Friday, sparking fears of higher than expected US interest rate increases during 2018.
The US stock market lost 2.5% as investors cashed out to hold USD in anticipation of a Fed hike in March. The GBP/ZAR continues to flirt with the 17/£ level as a false break to 17.10/£ on Friday was given back on speculation over Zuma’s demise.
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