Latest news with #USD-ZAR
Reuters
18 hours ago
- Business
- Reuters
South African rand muted with local inflation data the week's main focus
JOHANNESBURG, Aug 18 (Reuters) - The South African rand was subdued in early trade on Monday, with the main focus this week on domestic inflation numbers, while investors also eyed geopolitical developments which could influence the risk-sensitive local currency. Statistics South Africa will release July inflation data on Wednesday, with analysts polled by Reuters expecting a rise to 3.6% year-on-year from 3.0% in June (ZACPIY=ECI), opens new tab. At 0632 GMT the rand traded at 17.62 against the dollar , about 0.2% weaker than Friday's close. For the time being, ETM Analytics said in a research note, "most investors should anticipate a consolidative USD-ZAR that will take its direction from developments abroad". "Domestic considerations will feature more prominently if the domestic inflation reading surprises strongly to the topside." South Africa's benchmark 2035 government bond was weaker in early deals, as the yield rose 2 basis points to 9.605%.
Reuters
07-03-2025
- Business
- Reuters
South African rand flat after four straight days of gains; eyes on US payrolls data
JOHANNESBURG, March 7 (Reuters) - South Africa's rand was little changed early on Friday as investors awaited U.S. non-farm payrolls data for dollar direction, after four consecutive days of gains for the local unit. At 0622 GMT, the rand traded at 18.1450 against the U.S. dollar , near its previous close of 18.1475. The dollar last traded about 0.2% weaker as markets were met with confusion regarding the U.S. trade policy after U.S. President Donald Trump on Thursday suspended the 25% tariffs he imposed this week on most goods from Canada and Mexico until April 2. Trump also threatened to impose a global regime of reciprocal tariffs on all U.S. trading partners. ETM Analytics in a research note said that Friday could mark the fifth consecutive day of rand appreciation with the market being biased against the dollar. Markets will look to U.S. non-farm payrolls data later on Friday for dollar direction. "Investors will wait for the payrolls data. If it disappoints, the USD-ZAR might very well retest levels closer to the 18.0000 handle," the research note added. Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. policy and economic data in addition to local factors. South Africa's net foreign reserves rose to $61.733 billion at the end of February from $61.328 billion in January, central bank data showed on Friday. South Africa's benchmark 2030 government bond was little changed in early deals, with the yield at 9.055%.
Reuters
19-02-2025
- Business
- Reuters
South African rand steady ahead of national budget
JOHANNESBURG, Feb 19 (Reuters) - South Africa's rand was little changed early on Wednesday, ahead of the 2025 national budget speech to be delivered by the finance minister. At 0712 GMT, the rand traded at 18.4050 against the dollar , near its previous close. Investors are keenly awaiting the budget speech at 1200 GMT by South Africa's Finance Minister Enoch Godongwana for clues on the coalition government's fiscal priorities, its roadmap to tackle debt and economic reforms. "A well-received budget could push USD-ZAR below 18.3000," said Andre Cilliers, currency strategist at TreasuryONE. However, he said the local currency could come under pressure over lack of reforms and concerns over spending discipline and taxation. On the stock market, the Top-40 (.JTOPI), opens new tab index was flat. South Africa's benchmark 2030 government bond was weaker in early trading, with the yield up 3 basis points to 9.155%.
Reuters
14-02-2025
- Business
- Reuters
South African rand firms after Trump's tariff plans, local budget next week
JOHANNESBURG, Feb 14 (Reuters) - The South African rand strengthened early on Friday after U.S. President Donald Trump said he planned to impose reciprocal tariffs on countries taxing U.S. imports, and investors awaited a domestic budget next week. At 0753 GMT, the rand traded at 18.4275 against the dollar , about 0.3% stronger than its previous close. The dollar came under pressure overnight. Trump on Thursday tasked his economics team with planning for reciprocal tariffs on every country taxing U.S. imports, ramping up prospects for a global trade war. Concerns of a trade war lifted gold prices, which were poised for a seventh consecutive weekly gain. The surge in prices of the safe-have asset is supportive of the South African currency, said ETM Analytics in a research note. "The environment is ZAR-supportive, and the USD-ZAR may even break below the 18.4000 level in the coming trading session," the note added. ETM Analytics said the only major constraint to any directional move is South African Finance Minister Enoch Godongwana's budget speech next week and the guidance he will offer investors. On the Johannesburg Stock Exchange, the blue-chip Top-40 (.JTOPI), opens new tab index last traded about 1.1% higher. South Africa's benchmark 2030 government bond was stronger in early deals, with the yield down 3.5 basis points to 9.13%.
Reuters
07-02-2025
- Business
- Reuters
South African rand steady as president promises reforms
JOHANNESBURG, Feb 7 (Reuters) - South Africa's rand was steady in early trading on Friday, after President Cyril Ramaphosa said his government would launch a second wave of reforms to try to boost economic growth. At 0752 GMT, the rand traded at 18.4325 against the dollar , not far from its previous close. South African investors are cautiously wrapping up a week which started with U.S. President Donald Trump saying he would cut off funding for South Africa because he said, without citing evidence, that the country was confiscating land. Ramaphosa said on Thursday that his country " will not be bullied". Ramaphosa, in his annual state of the nation address, also promised reforms aimed at lifting South Africa's growth above 3%, by boosting struggling state companies like power utility Eskom and logistics group Transnet and investing in infrastructure. "It (the rand) may have started the week on the defensive but appears to be ending it firmly on the front foot as the USD-ZAR now looks set to target levels closer to 18.4000 ahead of the weekend," ETM Analytics said in a research note. The dollar last traded about 0.1% stronger against a basket of currencies, as investors await U.S. nonfarm payroll data to gauge the health of its labour market. On the stock market, the Top-40 (.JTOPI), opens new tab index last traded about 0.5% higher. South Africa's benchmark 2030 government bond was weaker in early deals, with the yield up 2 basis points to 9.07%.
