The past week was one of big swings in both directions for the South African rand. The main influence of this was the US nationalresults in which Donald Trump was re-elected as the President. We then experienced major geopolitical shifts with regard to conflicts in the Middle East and Ukraine as tensions in both places eased. Even with the news and election results, the rand closed the week in pretty much the same spot that it opened at around R17.52 against the dollar.
Monday opened the week with investors being careful about the election results and interest rate decisions later in the week. There was some rand gain to close out the day which could have hinted at a potential election upset being priced into the USD. Tuesday saw more of the same as even though the local S&P Global PMI dropped to 50.6 from 51.0, showing a slowing in business activity, the rand remained resilient and claimed some ground closing at R17.37 to the dollar.
Couple the newfound peace agenda and improved trade conditions with the 25-bps interest rate cut by both the US Federal Reserve and the Bank of England, and we have a market that is primed for emerging currencies and riskier assets. The rand was no different as we saw the most gains in the week made on Thursday as the USD/ZAR closed at R17.27 at the end of business. Friday reversed all these rand gains as US Michigan Consumer Sentiment at 73.
Later this week the domestic focus will be on third-quarter unemployment numbers, September manufacturing output and September mining production. The benchmark 2030 government bond was also weaker, with the yield up 5.5 basis points to 9.225%.The Springboks have an average record at best at the home of English rugby, Twickenham in London. Take a look …
A R10 million bounty was allegedly offered for the killing of underworld figure Mark Lifman as the two alleged suspects prepare to appear in court.
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Fuente: SABCNews - 🏆 37. / 51 Leer más »