The Rand is trading on a low note again.

Top 10 Rates for Apr 06, 2017 as at 11:07 UTC

South African Rand 1.00 ZAR inv. 1.00 ZAR

US Dollar 0.072702 13.754693
Euro 0.068158 14.671764
British Pound 0.058356 17.136303
Indian Rupee 4.697814 0.212865
Australian Dollar 0.096166 10.398729
Canadian Dollar 0.097615 10.244324
Singapore Dollar 0.101864 9.816993
Swiss Franc 0.072943 13.709416
Malaysian Ringgit 0.322544 3.100348
Japanese Yen 8.061122 0.124052


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Rand steady, gold flying

The rand took the day off yesterday with little movement seen over the local public holiday.Gold has been the big winner since the dollar weakened and sits at a 3-week high, as investors continue to sell equities and look to invest in less risky assets.

Local Q4 current account figures are out later today and with no major international risks on the data calendar, attention shifts to US retail and home sales figures released; with Fed Chair Yellen speaking in phentermine without prescription Washington tomorrow. Interesting fact: A study revealed that Singapore is still the world’s most expensive city to live in, with 50% of the top 10 cities being Asian (including Hong Kong, Osaka and Seoul).

RATES

USD / ZAR 12.6979
GBP / ZAR 15.8628
EUR / ZAR 13.7303
ZAR / JPY 8.7772
CNY / ZAR 1.8441
AUD / ZAR 9.7400
CHF / ZAR 12.7886
AED / ZAR 3.4578
SGD / ZAR 9.0724
NOK / ZAR 1.4992
EUR / USD 1.0813
GBP / USD 1.2489
GBP / EUR 1.1550

All rates quoted are the interbank rates at time of publishing and shown for indicative purposes only. It is important to note that foreign exchange rates fluctuate and that the rates will vary depending on the amount and product purchased and sold


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Weekly Global Online Forex Report March 1st 2017

USD
Despite President Trump’s speech last night, we have seen the USD marginally stronger this morning, as US bonds somewhat weakened. Fed officials reiterated their hawkish stance last night, and there is now an 80% probability of a rate hike in March.
In terms of economic data, Tuesday revealed mixed results. US Q4 GDP was revised down to 1.9% from 2.1% but consumer confidence beat expectations and hit the best levels in over 15 years.
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EUR
News out of the Eurozone this week points to increased uncertainty for the group once again putting it somewhat in the spotlight. An index called the ‘euro break-up’ index showed that out of 1000 investors, a greater number believe that the Euro will break up within the next 12 months with the index rising from 21.3% in January to 25.2% in February.
Meanwhile, in the Netherlands the Geert Wilders-led Party is set to change things up with a likely win on 15 March 2017 in their election. The Party, PVV, is largely in favour of anti-immigration, anti-Islam and they are Euro sceptic which may lead to a Dutch EU referendum dubbed ‘Nexit’.
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GBP
UK Feb manufacturing PMI fell short of expectations this morning, as the figures arrived at a dismal 54.6 points in Feb, as compared to a previous reading of 55.7 and a market expectation of 55.6.
Another factor to the GBP decline comes on the back of a possible call for another Scottish independence referendum, as Theresa May is preparing for a possible request by the Scottish government to hold an independence referendum as early as March.
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AUD
The Australian Dollar was the best performing G10 currency on the early hours of March 1 following the release of very positive GDP data. GDP growth rate YoY came in at 2.4%, beating the expectation of 1.9%.
Despite this, analysts expect the RBA to keep rates on hold in the near term as inflation levels are expected to remain authentic jerseys low.
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CHF
According to Jane Foley, a senior FX Strategist at Rabobank, the Swiss franc is overvalued even after taking into consideration the high trade surplus in January. However, this is could be owed to the CHF being considered a safe and stable currency with Switzerland having high levels of employment and a high current account surplus.
Furthermore, data released yesterday by the KOF Swiss Economic Institute revealed a growth in the economy during February which was much greater than expected reporting the KOF Index to have jumped to 107.2 points compared to its expected 102.0.
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NGN
The economy contracted by 1.5% in 2016, a shade lower than our forecast of -1.4%. As expected, the main reason for the first shrinkage in 25 years, is due to the shortage of hard currency – which was in turn due to the lower oil revenues. Oil remains the largest source of export earnings and fiscal revenues for Nigeria, at around 7% of overall GDP. According to OPEC, oil production slipped to 1.5 million bpd in January 2017 — 17% lower YoY.
The Nigerian Naira has hit a 4 month high against the USD on the parallel market on Tuesday, following the Central Bank’s decision to sell USD 80 million to retail customers and another USD 100 million in currency forwards to increase dollar liquidity and Naira support.
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ZAR
South Africa posted a R10.81 Billion trade deficit in January, which was higher than Market expectations, following a revised surplus of R12.41 Billion in December, and a deficit of R19.55 Billion in January 2016.
Support levels for USD/ZAR can be found at 13.00, and resistance levels at Cheap Jerseys 13.10 and again at 13.20.

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The euro lost ground against the dollar

The euro lost ground against the dollar yesterday after polls suggested that the ‘right’ and ‘left’ camps will fight it out for the French Presidency in April. The weaker And euro, coupled with concerns surrounding former Eskom CEO Brian Molefe’s move to Parliament (next stop Treasury?), Forex helped keep the local unit on the back foot. The rand chicagobearsjerseyspop has manged to maintain the 12.90/$ – 13.20/$ range, with no real action expected before the budget speech tomorrow.  

RATES

USD / ZAR 13.0844
GBP / ZAR 16.2656
EUR / ZAR 13.8418
ZAR / JPY 8.6720
CNY / ZAR 1.9004
AUD / ZAR 10.0330
CHF / ZAR 13.0114
AED / ZAR 3.5637
SGD / ZAR 9.2139
NOK / ZAR 1.5678
EUR / USD 1.0579
GBP / USD 1.2430
GBP / EUR 1.1751

All rates quoted are the interbank rates metà at time of publishing and shown for indicative easy purposes only. It is important to note that foreign exchange rates fluctuate and that the rates will vary depending on the ?????????? amount and product purchased and sold


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