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 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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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 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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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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Trump announces US withdrawal from the Iranian nuclear deal with plans to impose strict sanctions.
Uncertainty of global oil supplies grows as countries who continue business with Iran may be penalized and ………
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Fridays nonfarm payrolls figures missed the mark (163k vs. 193k expected), while unemployment data reached a 17-year low of 3.9
The job numbers confirm strength in the dollar, with the rand opening at 12.53/$ this morning. This week could see EM ….
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The rand lost ground yesterday as SA lost out to exemption from the US steel and aluminum import tariffs (25% and 10% respectively).
An increase in the oil price and a stronger dollar added to the rands demise. The tone of tonight’s Fed interest……..
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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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The rand slumped to a 3 month low yesterday as emerging market currencies feel the heat from a high-flying dollar.
The majors inched up against the local unit to open the day at 12.394/$, 17.313/£ and 15.149/€. A strong ……….
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