01172017Tue
Last update: Tue, 17 Jan 2017 03pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand firmer as market bets on low US rates; stocks down JOHANNESBURG: South Africa's rand firmed to its highest in four weeks against the dollar on Wednesday, helped by strong appetite for high yielding emerging market assets as investors anticipate low US interest rates low for longer this year. Stocks fell as heavily weighted rand hedges retreated on a stronger rand. At 1515 GMT, the rand traded at 13.7000 per dollar, 1.55 percent firmer from its New York close on Tuesday. The currency was at its strongest levels since Aug. 23, according to Thomson Reuters data. It also drew support from data showing the headline inflation rate dipped below the top end of the central bank's target in August, helping consumers while suggesting policymakers will keep the benchmark repo rate at 7 percent this week, maintaining attractively high returns for foreign investors. "While we expect the alleviated price pressures to be temporary of nature, this should provide the South African Reserve ...

Markets - FXMM - Middle East & Africa

Egypt pound stable at regular dollar sale, weaker on black market CAIRO: Egypt's central bank held the pound steady against the dollar at its regular foreign currency sale on Tuesday while the currency weakened on the black market. The bank sold $119.1 million at an unchanged rate of 8.78 per dollar. Egypt is facing an acute dollar shortage that sent its foreign reserves down to $16.564 billion at the end of August. Egypt had roughly $36 billion in reserves before an uprising in 2011 overthrew Hosni ...

Markets - FXMM - Middle East & Africa

South Africa's rand gains as risk currencies rally, stocks also rise JOHANNESBURG: South Africa's rand firmed on Monday, gaining alongside fellow emerging currencies as the dollar stumbled on expectations that the US Federal Reserve will not raise interest rates this week.Stocks also ticked up, helped by gains in commodities that benefited the resources sector. At 1512 GMT, the rand had gained 1.23 percent to 14.0150 per dollar, compared to Friday's close of 14.1900 in New York. "Event risk this week is all about central banks, although ...

Markets - FXMM - Middle East & Africa

South Africa's rand recovers after weak U.S retail sales, stocks fall JOHANNESBURG: South Africa's rand gained more than 1 percent on Thursday, stretching a recent recovery into a second consecutive session after weak US retail sales data boosted investor appetite for high-yielding emerging market assets.Stocks fell after mining companies came under pressure as gold and platinum prices weakened.By 1600 GMT the rand had strengthened 0.98 percent to 14.1820 per dollar, pulling back slightly from 14.1020, its firmest level since Sept. 9. US retail sales fell more ...

Markets - FXMM - Middle East & Africa

South Africa's rand claws back losses; stocks dip on banks JOHANNESBURG: South Africa's rand recouped some of its previous session's losses on Thursday, while stocks closed slightly lower led by a weaker financial sector after asset manager Futurergrowth's decision to freeze lending to state companies. By 1550 GMT the rand had gained 0.4 percent to 14.6600 per dollar, pulling away from its weakest in seven weeks as the greenback stumbled on unexpectedly weak United States factory data. The rand traded on the backfoot in early ...

Markets - FXMM - Middle East & Africa

South Africa's rand slumps as lender halts loans to state firms, stocks down JOHANNESBURG: South Africa's rand weakened more than one percent on Wednesday after reports that a large debt manager was halting loans to state-owned firms raised investor concerns over the management of the economy. The rand rand slipped 1.1 percent to 14.6675 at 1350 GMT against dollar, which was at one-month highs after positive employment figures raised bets of a rate hike by the US Federal Reserve."There's uncertainty among investors and concerns generally about how state ...

Markets - FXMM - Middle East & Africa

Nigeria's naira hits new record low of 420 per dollar on black market LAGOS: Nigeria's central bank sold dollar to some commercial lenders on Wednesday to support the local currency, which hit a fresh all-time low of 420 to the dollar on the unofficial market, the same day Africa's biggest economy officially slid into recession. The currency traded at 418 to the dollar on Tuesday and has been under pressure on the black market for months.The naira closed at 306 to the dollar on the official window after ...