wall street

 

Are things ‘back on the bus’

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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
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You miss one and then hit one

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Fridays nonfarm payrolls figures missed the mark (163k vs. 193k expected), while unemployment data reached a 17-year low of 3.9

The job numbers confirm strength in the dollar, with the rand opening at 12.53/$ this morning. This week could see EM markets under more pressure as global developments, US CPI and trade talks continue to drive the dollar.

On local shores, SA mining and manufacturing production are likely to record negative growth in the 1st quarter of 2018. Today is a UK banking holiday so we don’t expect lots of volatility. Have a great start to your week!

Today’s Rate

USD/ZAR 12.5221
GBP/ZAR 16.9548
EUR/ZAR 14.9384
ZAR/JPY 8.7232
CNY/ZAR 1.9671
AUD/ZAR 9.4121
CHF/ZAR 12.4863
AED/ZAR 3.4096
SGD/ZAR 9.3747
NOK/ZAR 1.5511
EUR/USD 1.1932
GBP/USD 1.3541
GBP/EUR 1.1384

All rates quo
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The rand strengthened overnight

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The rand strengthened overnight as the dollar weakened amidst peace talks between the North and South Korean leaders.

Risk-on sentiment prevailed as a nuclear-free Korean Peninsula looks likely in the near future (no doubt president Trump will take credit for this). The market now shifts attention to the US Feds hiking plans and the China VS US “trade war”. The Feds interest rate decision is released Wednesday with no hike expected in May, but hints to a June hike will be what the market will be looking out for.

Other data to keep an eye on this week; SA Trade balance today (14h00), EU GDP and unemployment (Wednesday), US Trade balance and EU inflation (Thursday), and US jobs numbers (Friday). Have a great day and please note our office will be closed tomorrow as we celebrate the well-deserved, Workers Day Public holiday!

Today’s Rate

USD/ZAR 12.4179
GBP/ZAR 17.0517
EUR/ZAR 15.0287
ZA
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The Trade War heats up …Tine to Take Cover?

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The rand is stronger this morning as the US and China Trade war heats up.

“The Donald” announced plans to slap certain Chinese imports with a 25% tariff, which was met with “fire and fury” and a 15% – 25% tariff on certain US imports by China. The US treasury dropped another “bomb” as they plan to restrict Chinese investments in certain US sectors.

Asian and US equities sank as hits to global growth are expected. Across the pond, the bank of England left interest rates unchanged, but hinted a future increase might be in play. SA awaits Moody’s credit rating decision later tonight with the rainbow nation in a great position to dodge the dreaded downgrade. Have a great day and an “Epic” weekend!

Today’s Rate

USD/ZAR 11.7870
GBP/ZAR 16.6306
EUR/ZAR 14.5379
ZAR/JPY 8.9054
CNY/ZAR 1.8641
AUD/ZAR 9.1051
CHF/ZAR 12.4518
AED/ZAR 3.2095
SGD/ZA
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Rand recovers as US Stocks whiplash

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The rand broke below 12/$ overnight as US stocks clawed back more than half their losses seen Monday.

The Zuma saga continues as today’s ANC NEC meeting along with the State of the Nation Address was postponed in order to give more time for talks between Zuma and Ramaphosa (Indicating Zuma may have one foot out “the shower” door!).
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