News Formal

Rand, stocks slip as dollar bounces back

  • 📰 ewnupdates
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

At 1515 GMT the rand was 0.16% weaker at 13.8800 per dollar compared to its close of 13.8575 overnight in New York.

JOHANNESBURG - The rand edged weaker on Tuesday, losing momentum as the dollar surged and the appeal of the local currency waned after the International Monetary Fund cut its growth forecast for Africa’s most industrialised economy.

Globally, the IMF expects GDP to grow 3.2%, while economic growth in sub-Saharan Africa is seen at 3.4%. Bonds also weakened, with the yield on the benchmark 2026 government issue up 4 basis points to 8.07%. Markets are focusing on the European Central Bank , which is expected to cut a key rate by 10 basis points on Thursday, and next week the Federal Reserve is forecast to cut its benchmark rate by 25 basis points.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 30. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Send Dollar to jail. TheQueenMzansi

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rand near 11-month high to the pound as market eyes new UK prime ministerDetails on Eskom’s bailout will be watched by markets, while an eye is also on the UK, which is set to get a new leader soon
Source: BDliveSA - 🏆 12. / 63 Read more »