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Topic

South Africa's forex market

South African rand dips as markets await US Fed meeting

South African rand dips as markets await US Fed meeting

Updated 15 Jun, 2021 08:46pm
  • Rand traded at 13.8050 against the dollar, 0.2% weaker than its previous close.
  • South African financial markets will be closed for a public holiday on Wednesday when the Fed statement will be released.
South Africa's rand rallies to near 18-month peak, stocks rise

South Africa's rand rallies to near 18-month peak, stocks rise

Published 21 May, 2021 09:21pm
  • Rand was 0.21% firmer at 13.9400 against the dollar, trading at its strongest levels since late December 2019.
  • "The combination of higher domestic yields and falling FX volatility is making the rand more attractive as a carry currency."
South Africa's rand holds gains as dollar slips

South Africa's rand holds gains as dollar slips

Published 06 Apr, 2021 11:47am
  • Rand traded at 14.5600 against the US dollar, largely unchanged from its previous close. The currency hit a five-week high of 14.5250 on Monday.
  • In fixed income, the yield on the benchmark government bond due in 2030 was down 3 basis points at 9.535% in early deals.
South Africa's rand recovers, stocks rise

South Africa's rand recovers, stocks rise

Published 29 Mar, 2021 09:32pm
  • The domestic currency will remain erratic, swinging rapidly both stronger and weaker, as global market events continue to impact its direction.
  • Stocks surged on Monday extending a massive gain seen on Friday as hopes of a faster local economic recovery added on to positive global cues.
South Africa's rand firms after CPI data, stocks down

South Africa's rand firms after CPI data, stocks down

Published 24 Mar, 2021 09:14pm
  • The currency rallied to a session best of 14.7550 earlier after Statistics South Africa said consumer inflation slowed to 2.9% in February, its lowest in eight months, dipping below the central bank's target range just a day before the regulator decides on lending rates.
  • "We think that the repo rate will remain unchanged at 3.50% for longer than most currently anticipate," said Virág Fórizs, Africa economist at Capital Economics.
South Africa's central bank to hold repo at record low through 2021

South Africa's central bank to hold repo at record low through 2021

Published 18 Mar, 2021 06:06pm
  • The economy contracted 7.0% last year despite the Reserve Bank cutting interest rates by a cumulative 300 basis points to counteract the damage caused by pandemic-led lockdowns.
  • All but one economist out of 25 polled in the past week said the Reserve Bank would hold interest rates at 3.5%. The lone voice predicted a 25 basis points cut next week.
South Africa's rand steadies as Fed verdict looms, stocks fall

South Africa's rand steadies as Fed verdict looms, stocks fall

Published 17 Mar, 2021 08:45pm
  • "Today's FOMC meeting is perhaps the most crucial in the last six months," RMB analyst Nema Ramkhelawan-Bhana said in a note.
  • "For markets, the most important outcome relates to the Fed's view on rising treasury yields. It is the uncertainty surrounding these issues that has engendered mixed trade on international markets."
South Africa's rand heads for weekly loss, Sasol leads stocks higher

South Africa's rand heads for weekly loss, Sasol leads stocks higher

Published 05 Mar, 2021 09:33pm
  • Stocks ended higher, led by petrochemical firm Sasol's 14% surge.
  • The currency was on track to post losses of 2.2% since Monday.
  • Emerging market currencies have felt the pinch globally as the US Dollar reminded currency markets of its power as the world's reserve currency.
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