The rand strengthened 2% against the USD in early morning trade, as markets digest their exposure to the Turkish crisis.
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Rain-check for rand losses?
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Well well, the Dollar is down and the rand up!
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US President Trump threatened to impose tariffs on all $500bn worth of Chinese imports following China’s vow to fight until the end.
As trade tensions intensified the greenback lost ground, which saw EM currencies and the rand strengthen to close at 13.33/$ yesterday.
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US vs CHINA … vs the rand!?
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The rand along with other EM currencies were casualties (yet again!) as the US vs China trade war tensions continue to escalate.
China vowed to fight until the end, warning the US of “arrogance” and “making a fool of itself”. US treasury yields edged lower as investors fled to safety. The rand depreciated 0.9% against the dollar opening at 13.44/USD this morning.
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South African Rand in a “Landslide”
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The rand weakened more than 1% against the majors overnight as the ANC confirmed Section 25 of the constitution will be amended.
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The rand takes the gap
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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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Hawkish Powell boosts the dollar
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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?
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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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Trade wars are hotting up
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The Trump Administration has released a $200bn hot list of Chinese goods to be hit with a 10% tariff ‘after a 2-month consultation period’.
This is not good news for emerging markets, and we are yet to hear what retaliatory measures China has up its sleeve.
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Risk-on drives rand gains
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The rand ventured to 13.30/$ 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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Trade war – and the battle continues
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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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