|Day's Range||0.069 - 0.071|
|52 Week Range||0.0638 - 0.0870|
South Africa's rand is expected to erase around a third of the 10 percent gains made in the past two months in the run-up to May elections as strong volatility rattles the currency, a Reuters poll found on Thursday. The median forecast of over 30 currency strategists polled Nov. 30-Dec. 5 suggested the rand will have fallen about 3 percent in six months to 14.33 against the dollar, better than the 14.67 expected last month. Strategists were almost evenly split whether the rand will be closer to their fair value estimates this time next year, with most suggesting the rand is correctly trading firmer than 14/dollar currently.
South Africa’s rand outperformed other emerging market currencies against the U.S. dollar on Wednesday thanks to improving risk appetite, but there are plenty reasons to be cautious.
A weaker U.S. dollar in the wake of the U.S. midterm elections is giving way to a rebound in emerging market currencies that could outlive the knee-jerk reaction.
The U.S. dollar weakens against its major rivals on Wednesday as investors digested the results of the U.S. midterm election in which the Democrats took control of the House of Representatives.
JOHANNESBURG (Reuters) - South African fast-food chain owner Famous Brands (FBRJ.J), which owns Wimpy, Steers and Debonairs pizza said on Monday it will take a pre-tax impairment charge of 874 million ...
The pressure on China’s currency continues to mount as the world’s second-largest economy shows more signs of slowing and traders bet that the dollar will soon buy a record amount of yuan in the offshore market. As the country returned to work on Monday after the Golden Week holiday, the People’s Bank of China cut the Reserve Ratio Requirement, the percent of deposit liabilities owed to its customers banks are required to hold, for the fourth time this year. While that may spur banks to lend more, it sent the Chinese yuan (USDCNY)(USDCNH) another leg lower, moving toward its August low against the greenback and in sight of the psychological 7.00 level.
South Africa has gone into recession after its economy shrank by 0.8 per cent in the second quarter of the year. A recession is technically defined as when an economy contracts over two consecutive quarters. The main reasons behind the contraction in the second quarter were slowing agriculture, transport and trade sectors, according to Statistics South Africa.
Trump Goes After the Fed Again Perhaps discontented with the rise of the dollar (NYSEARCA:UUP) on foreign exchange markets, or worried that the 10-year boom that began in 2009 may be coming to an end with President Trump blamed if the Federal Reserve keeps raising rates, Trump publicly criticized Fed Chair Jay Powell in an […] The post Market Morning: Trump Hits Fed, South African Kleptomania, Amazon Hires Cardiologist, Venezuela Banks on Crypto appeared first on Market Exclusive.
South African investment house Brait SE (BATJ.J) reported a nearly one-third drop in annual net asset value on Tuesday after writing down to zero last November the value of its British clothing retailer, New Look [NEWOON.UL]. Brait, which also owns gym chain Virgin Active and British supermarket Iceland Foods, said NAV totalled 27.1 billion rand (1.5 billion pounds), or 57.3 rand per share, in the year to end March. Shares in Brait fell 1.2 percent to 36.80 rand as of 1029 GMT, bring losses over the last two years to nearly 70 percent.
German investor ATON said on Thursday it had raised its stake in South Africa's Murray & Roberts (MURJ.J) to 33.1 percent as it seeks to takeover the engineering and construction firm despite management opposition. ATON said after market close it had agreed to buy 13,671,480 ordinary shares in M&R for 15 rand per share. It added it had also agreed to buy a further 29,005,926 shares from investment management company Allan Gray, M&R's third largest stakeholder, for 15 rand, which would further raise its stake to 39.6 percent.
Anglo American Platinum (Amplats) (AMSJ.J), the world's top platinum producer, announced its first dividend in seven years on Monday as full-year headline earnings more than doubled and said it was not committing capital to major projects in 2018. Amplats' investment stance highlights the fragile state of platinum mining in South Africa, home to around two-thirds of known reserves, where for years the industry has battled soaring costs, depressed prices, policy uncertainty and bouts of violent labour and social unrest. South Africa's Chamber of Mines said on Sunday it had agreed to postpone a court challenge against a new version of an industry charter, which among other things raises targets for black ownership, to allow for talks with newly sworn-in South African President Cyril Ramaphosa.
South Africa's rand weakened as much as 1.7 percent in midday trade on Wednesday to its worst in nearly three weeks after the ruling African National Congress said an early exit for President Jacob Zuma had not been discussed at a party meeting. Initially hit by softening demand for emerging market assets as global bond yields picked up, the rand's losses accelerated to a session-low 12.55 shortly after the ANC Secretary-General Ace Magashule told reporters Zuma's removal was not on the agenda of a meeting of the party's top decision-making body. At 1100 GMT the rand was 1.4 percent weaker at 12.5075 per dollar, slightly better than the slide to its weakest level since Dec. 26.