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Posts Tagged ‘Dollar’
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March 2, 2018

Rand at strongest level in three years

“The rally in the local currency ‘continues unabated it seems and a slight dollar recovery last week has done nothing to dent this’”

The rand continued its winning ways on Monday morning, touching levels not seen since early 2015.

Positive sentiment towards SA was the recurring theme.

Foreigners were net buyers of local bonds to the tune of R12.3bn over the past week, helping the momentum in the rand, which acts a buffer against inflation.

Foreigners have also been aggressive net buyers of the local shares since December when Cyril Ramaphosa became the new of the new leader of the ANC.

With inflation now close to the mid-point of the [...]

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February 15, 2018

Rand firmer on trade surplus, weaker dollar

The Rand firmed against the dollar yesterday, supported by a weaker greenback and data showing the country’s trade surplus widened last year.

At 5pm, the rand bid at R11.8495 to the dollar, 11.34c stronger than at the same time on Tuesday, about 0.85percent firmer than its close on Tuesday.

South Africa’s trade surplus in December widened to R15.72billion from a R13.05bn surplus in November, the revenue agency said.

On a cumulative basis the trade balance between January and December was at a R80.55bn surplus compared to a R1.05bn surplus over the same period in 2016.

“One of the catalysts is the slight dollar weakness that has come into the market that [...]

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February 5, 2018

Rand’s rally takes the shine off a strong gold price for SA miners

For South African gold miners, it’s both the best and worst of times.

The metal started the year with a bang, rising 4% so far and trading near the highest since August 2016.

But an equally impressive rally in the rand means that SA-focused producers are likely to miss out on the party.

Because mining companies pay most of their expenses in local currency, a stronger rand squeezes profit margins and can render some operations unprofitable.

Many of SA’s gold mines date back to the 1950s and 1960s, and much of the easily accessible metal has been exhausted, while labour-intensive mining methods compound the effect of currency moves.

“With the [...]

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January 19, 2018

Here’s what R100 buys you around the world right now

The rand is currently enjoying one of its longest winning streaks since 2002, with the currency trading at R12.37 to the dollar on Monday, 8 January.

Notably it has been on the front foot since December, supported by investors’ hopes that the newly elected leader of the ruling ANC, Cyril Ramaphosa, would push through business-friendly policies.

However, a Reuters poll held on Friday (5 January) found that the run is likely to end soon, with technical indicators now suggesting the rand is overbought.

There are also doubts about how much Ramaphosa, a promised reformer, can do for South Africa’s ailing economy, with the polled strategists saying that the rand is [...]

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