Euro Banks

 

Are things ‘back on the bus’

Leave a comment

It’s all aboard the Trumplomacy bus, as President Trump offered China an olive branch yesterday, renewing hope that a ‘trade ‘war’ could be avoided.

The news momentarily helped emerging market gains, before violence in the Middle East put the rand on the back foot. Back home, Minister Gordhan continued his purge of corrupt state owned entity officials, firing the remaining Transnet board members. Yesterday also spelled the end of the nationwide bus strike, hopefully some relief for our roads!

Today’s Rate

USD/ZAR 12.4207
GBP/ZAR 16.797
EUR/ZAR 14.808
ZAR/JPY 8.862
CNY/ZAR 1.9514
AUD/ZAR 9.1668
CHF/ZAR 12.3654
AED/ZAR 3.3716
SGD/ZAR 9.2571
NOK/ZAR 1.551
EUR/USD 1.1924
GBP/USD 1.3525
GBP/EUR 1.1342

All rates quoted are the interbank rates at time of publishing and shown for indic
Continue reading…

Enjoyed this post? Share it!

 
 

Is this Mission accomplished?

Leave a comment

The rand held its ground after the US, France and Britain launched a “successful” air strike against Syrian chemical facilities on Friday.

The dollar strengthened after markets were convinced that the strike was a once-off event, but global equity markets weakened and Brent Crude Oil reached its highest price since 2014 at 72 USD/barrel.

It’s a quiet week on the data calendar so markets will be keeping a close eye on further US/Syrian developments, with US Retail Sales figures (later today) and local inflation figures (Wednesday) the only other real highlights. Have a great week everyone!

Today’s Rate

USD/ZAR 12.0738
GBP/ZAR 17.202
EUR/ZAR 14.8962
ZAR/JPY 8.8823
CNY/ZAR 1.9207
AUD/ZAR 9.3787
CHF/ZAR 12.5432
AED/ZAR 3.2867
SGD/ZAR 9.2014
NOK/ZAR 1.5543
EUR/USD 1.2345
GBP/USD 1.4247
GBP/EUR 1.
Continue reading…

Enjoyed this post? Share it!

 
 

Tit for tat:- Tariff increase of Chinese import products

Leave a comment

Following China’s 15% tariff on US products, ‘Merica hit back yesterday laying out plans to impose a 25% tariff on Chinese import products.

The tariff could see more than 1300 Chinese imports being effected totalling more than $50 billion. In response, China said it plans to implement the same trade measures against the US.

The result could see higher US product prices which will lead to the Fed hiking rates more aggressively in the coming years (not good news for the rand). On the calendar today, EU inflation figures are out at 11h00.

Today’s Rate

USD/ZAR 11.8541
GBP/ZAR 16.6787
EUR/ZAR 14.5459
ZAR/JPY 8.9999
CNY/ZAR 1.8817
AUD/ZAR 9.1162
CHF/ZAR 12.3621
AED/ZAR 3.2267
SGD/ZAR 9.0281
NOK/ZAR 1.5115
EUR/USD 1.2269
GBP/USD 1.4067
GBP/EUR 1.1465

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
Continue reading…

Enjoyed this post? Share it!

 
 

Resolute rand – The rand remains firm

Leave a comment

The rand remains firm and opens the day below 11.80/$, spurred on by pro-rand events which transpired yesterday.

SA’s January manufacturing output rose by 2.5%, supporting the expectation that the domestic economy is gaining momentum. US President Trump dropped an administrative bombshell as he dismissed the Secretary of State Rex Tillerson.
This triggered a dollar sell-off with Wall Street taking a knock.

Dollar weakness was cushioned by an acceleration in US inflation, this resulted in speculation that the Fed will raise rates at a gradual pace. Sterling soared to a 2 week high as UK Finance Minister Philip Hammond announced a polished fiscal policy update highlighting on economic growth forecast and the budget. On the data calendar today, ECB President Draghi takes to the podium and US retail figures will be released. Have a great day.

Today’s Rate

USD/ZAR 11.7851
GBP/ZAR 16.468
EUR/ZAR 14.6108
ZAR/JPY 9.055
CNY/ZAR 1
Continue reading…

Enjoyed this post? Share it!

 
 

Forget the bark, Powell bites!

Leave a comment

US Fed chair Jerome Powell’s hawkish (very positive) testimony yesterday has sent the greenback on a mini-rally.

The dollar gained more than 1% against the majors as Powell expressed optimism that the US economy remains strong. Indications are that rates will continue to be hiked gradually, resulting in speculation that could see four hikes this year (unless the Donald has anything to say about that) with an additional two in 2019.

On the calendar today, SA trade balance (14h00) and US GDP figures (15h00) will be the highlights.

Today’s Rate

USD/ZAR 11.7261
GBP/ZAR 16.2916
EUR/ZAR 14.3365
ZAR/JPY 9.1345
CNY/ZAR 1.8529
AUD/ZAR 9.1419
CHF/ZAR 12.4811
AED/ZAR 3.1926
SGD/ZAR 8.8502
NOK/ZAR 1.4882
EUR/USD 1.2235
GBP/USD 1.3908
GBP/EUR 1.1367

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 fluctu
Continue reading…

Enjoyed this post? Share it!

 
 

Z-Day has arrived for Rand!

The countdown has begun as Zuma’s days as President appear to be numbered with the ANC NEC meeting later today.

After the long wait and numerous speculation “Patience” is still key. USD/ZAR opens below 12/$ as EM Markets remain strong regardless of the volatility in global stock markets.

Continue reading…

Enjoyed this post? Share it!

 
 

UK to probe European banks linked to SA state capture

Leave a comment

A complaint about European banks who may be involved in the illicit financial flows of state capture in South Africa has been forwarded to two law enforcement agencies in the United Kingdom, leaving these banks open to investigation and prosecution. The Chancellor of the Exchequer Philip Hammond forwarded a message about banks based in the..
Continue reading…

Enjoyed this post? Share it!