06282016Tue
Last update: Tue, 28 Jun 2016 09pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South African rand on shaky ground after current account gap widens JOHANNESBURG: South Africa's rand stayed on the back foot against the dollar early on Wednesday a day after central bank data showed a wider-than-expected current account deficit.By 0711 GMT the rand was at 15.2850 against the greenback, little changed from its New York close at 15.3040 in the previous session.The local currency had fallen as much as 1.5 percent to its weakest in more than a week on Tuesday after the South African Reserve Bank said the current account deficit widened to 5 percent of GDP in the first quarter of this year 4.6 percent.Government bonds edged higher, and the yield for the benchmark instrument maturing in 2026 eased 3 basis points to 9.17 percent.South Africa relies heavily on portfolio flows to plug its current account shortfall, making the rand more vulnerable than its emerging market peers when risk appetite wanes."Local data this week has not provided any comfort for ...

Markets - FXMM - Middle East & Africa

South Africa's rand softer after wider current account deficit, stocks tumble JOHANNESBURG: South Africa's rand lost ground on Tuesday after the current account widened more than expected in the first quarter, raising the likelihood of more interest rates despite the economy creeping toward a recession. On the bourse, stocks tumbled to their lowest level in nearly six weeks, with PPC leading the decliners after the cement maker scraped its dividend. The rand risked weakening further before a rates decision in the United States that has kept ...

Markets - FXMM - Middle East & Africa

South Africa's rand steady, focus on current account data JOHANNESBURG: South Africa's rand steadied early on Tuesday, before the release of current account data later in the day and a Federal Reserve monetary policy meeting this week.At 0648 GMT, the rand traded at 15.1725 per U.S. dollar, largely unchanged from its New York close on Monday."ZAR is likely to be vulnerable to foreign sentiment going into U.S. Fed meeting tomorrow, although large surprise on South African current account data today may provide some momentum," ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms more than 1pc against dollar JOHANNESBURG: South Africa's rand firmed more than one percent against the dollar on Monday as the unit recovered from a sharp fall in the previous week, although traders said the rally would be short lived as uncertainty tamed appetite for the currency. At 1405 GMT the rand had gained to 15.0750 per dollar with some investors reassessing positions ahead of an interest rates decision by the United States central bank later in the week. Copyright ...

Markets - FXMM - Middle East & Africa

South Africa's rand gains, stocks down for fourth straight session JOHANNESBURG: South Africa's rand firmed more than one percent against the dollar on Monday as the unit recovered from a sharp fall in the previous week, although traders said the rally would be short lived as uncertainty tamed appetite for the currency. On the bourse, stocks closed at a three-week low, tracking global markets lower as anxiety grew ahead of a referendum on Britain's potential exit from the European Union (EU).By 1455 GMT the rand ...

Markets - FXMM - Middle East & Africa

South Africa's rand steady, vulnerable to risk aversion JOHANNESBURG: South Africa's rand steadied in early trade on Monday, but looked vulnerable to risk aversion before the US Federal Reserve's monetary policy meeting this week and a referendum of Britain's potential exit from the European Union next week.At 0645 GMT, the rand traded at 15.2350 per US dollar, not far off its New York close of 15.2420 on Friday."Dollar strength and risk aversion threaten the rand," Rand Merchant Bank analyst John Cairns said in ...

Markets - FXMM - Middle East & Africa

South Africa's rand weakens as traders book profits, stocks down JOHANNESBURG: South Africa's rand fell more than 2 percent against the dollar on Friday, breaching key technical support levels as lower commodity prices and concerns about global growth hit emerging markets. Stocks were slightly weaker, despite telecoms firm MTN rallying to a six-week high after settling a fine imposed by Nigerian authorities for a less-than-expected amount. The rand hit a session slow of 15.1450, its weakest since Monday, and was trading 2 percent weaker at ...