02102016Wed
Last update: Wed, 10 Feb 2016 11am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling marginally stronger as dollar demand fizzles KAMPALA: The Uganda shilling was slightly stronger on Wednesday, buoyed by subdued demand for the U.S. currency, with the market wary the central bank could sell dollars if the local currency breached the key level of 3,000.At 0913 GMT commercial banks quoted the shilling at 2,970/2,980, stronger than Tuesday's close of 2,980/2,990."There's significant liquidity after a BoU (Bank of Uganda)injection yesterday but players are not taking positions," said Ahmed Kalule, trader at Bank of Africa."Some players think with 3,000 being the psychological level, touching it might trigger BoU to come in."On Tuesday the central bank injected 178 billion shillings ($60 million) into the money market via a seven day reverse repo, helping ease a scarcity of shillings.However, Benon Okwenje, trader at Stanbic Bank, said dollar demand was slow from both corporates and banks and that the local currency was likely to trade in the 2,960-3,000 range to the dollar in ...

Markets - FXMM - Middle East & Africa

South Africa's rand surfs near 2-week highs, eyes on MPC JOHANNESBURG: South Africa's rand traded within reach of the previous day's two-week high on Wednesday, with U.S. durable goods data likely to drive sentiment ahead of Thursday's domestic monetary policy statement.The local unit changed hands at 11.8335 per dollar around 0657 GMT, a 0.28 percent retreat from Tuesday's last trading level in New York.Government bonds extended gains with the yield on the benchmark 2026 government paper shedding 2 basis points to 7.63 percent, its lowest ...

Markets - FXMM - Middle East & Africa

South Africa's rand at three-week high against dollar on EM rally JOHANNESBURG: South Africa's rand rode the wave of an emerging market rally on Tuesday, extending gains to a new three-week high to a U.S. currency weighed down on expectations the Federal Reserve will delay an interest rate hike to September.By 1506 GMT the rand had firmed 0.5 percent to 11.8500 per dollar, having strengthened to as much as 11.8000 in the session before pulling back as weak Chinese manufacturing data restricted EM currency gains.Most of ...

Markets - FXMM - Middle East & Africa

Ugandan shilling extends losses on manufacturer dollar demand  KAMPALA: The Ugandan shilling weakened further on Tuesday after a surge in end-month dollar demand from manufacturing firms and an injection of liquidity by the central bank.At 0853 GMT commercial banks quoted the shilling at 2,980/2,990, weaker than Monday's close of 2,960/2,970."The shilling is taking in pressure from end of month (dollar) demand by manufacturing firms," said Isaac Iga, chief dealer at Orient Bank."The central bank has also injected in liquidity via a reverse repo ...

Markets - FXMM - Middle East & Africa

South Africa's rand rides on euro gains versus dollar JOHANNESBURG: South Africa's rand steadied versus the dollar after pushing firmer than the 12.00 mark overnight, helped by a stronger euro after the Federal Reserve signalled last week that U.S. rates would rise very gradually.A less aggressive than expected policy tightening cycle by the Fed would boost high-yielding emerging currencies such as the rand, even as South Africa's own central bank is expected to keep its key repo rate unchanged on Thursday.At 0643 GMT, the ...

Markets - FXMM - Middle East & Africa

Kenyan shilling steady, stocks fall on profit-taking NAIROBI: Kenya's shilling was stable on Monday, supported by offshore investors preparing to participate in this week's government bond sale, while stocks closed lower.The shilling closed trade at 91.90/92.10 to the dollar, little changed on Friday's close of 92.00/92.10."We won't see any changes until the bond auction flows are over," Julius Kiriinya, trader at African Banking Corporation, said.The central bank will auction an infrastructure bond worth 25 billion shillings ($272 million) on Wednesday, which traders ...

Markets - FXMM - Middle East & Africa

South Africa's rand strongest in two weeks on buoyant euro JOHANNESBURG: South Africa's rand climbed to its strongest level in two weeks against U.S. dollar on Monday, tracking a buoyant euro and breaking through a key psychological technical resistance point.By 1515 GMT the rand had gained 0.81 percent to 11.9520 per dollar following a volatile overnight session that saw the local unit weaken to 12.1300, before rallying below 12.The euro was 0.78 percent firmer versus the dollar, as comments by a top Federal Reserve official ...