Rand is mixed as EU leaders reach accord on migrants

الأقسام

The rand was flat against the dollar but weaker against the pound and euro on Friday afternoon as risk appetite improved globally, while local news came only in the form of bitter pills.
The euro staged a relief rally after EU leaders agreed on Thursday night on a plan to deal with the migrant crisis, an issue which posed a risk to the stability of the eurozone
.
Although the details of the deal were still vague, "this seems to be pan-European effort deal with the problem in a standardised way, instead of the current ad-hoc approach to the issue", said BK Asset Management MD Boris Schlossberg.
Sterling was also buoyant, benefiting from the combination of improved risk appetite and a small upward revision earlier to the UK’s first quarter GDP, said Oanda analyst Craig Erlam.
Local news and data was less positive, with "load rotation" resulting in power outages in many areas of SA’s economic hub, Johannesburg.
Unions at Eskom have rejected a revised wage offer from the power monopoly, which further threatens both the electricity supply and the fiscus.
SA’s trade surplus was less than expected at R3.52bn in May, below consensus forecasts of between R5.8bn and R5.9bn.
Private-sector credit extension also disappointed, coming in at 4.6% year on year in May from 5.1% the previous month.
At 3pm, the rand was at R13.7713 to the dollar from R13.7688 on Thursday. It was at R16.0390 to the euro from R15.9303, and R18.0992 to the pound from R18.0085. The euro was at $1.1647 from $1.1570.

Popular posts from this blog

How to Simplify your Forex Trading

Image
It’s entirely possible to trade profitably using just our eyes, charts, and grey matter as “hunting” for setups can cause more pain than gain. In this article, we will go through some high probability price patterns.
The Complexity Trap Complexity can creep into your thought patterns and trading habits in the subtlest ways. Picture this: someone has told you that the way to make money in the markets is to play trends. So you start with that belief, and you want to trade trends.
Here is a potentially dangerous train of thought that many aspiring traders display in the attempt to build some kind of structure around market movement:
How can I trade trends profitably? I can draw trend lines and play bounces off of them. Trend lines are quite discretionary – playing bounces off a moving average could be better? But which moving average? 5? 10? 20? 50? 100? And should it be simple? Exponential? Maybe something else? Or maybe a super trend is something even better? After all, it has “trend”…

Gold slides to one-week low on buoyant dollar

Image
London — Gold prices slid on Friday to their lowest in more than a week as the dollar rose due to easing trade tension and weak demand for the metal due to the expectation of higher interest rates in the US.
Spot gold was down 0.5% at $1,240.3/oz, at 10.31am GMT from an earlier $1,238.90, its lowest since July 3.
It has fallen about 9% since the middle of April. US gold futures slipped 0.5% to $1,240.9/oz.
Tension between the US and China eased after US Treasury Secretary Steven Mnuchin said on Thursday that talks between the world’s two largest economies could be reopened if Beijing was willing to make significant changes.
A rising US-currency makes dollar-denominated gold more expensive for holders of other currencies, which potentially weighs on demand.
"When the dollar rises we see gold falling, but when the dollar falls we don’t see gold recovering because there is very little appetite for gold at this time," said ActivTrades analyst Carlo Alberto De Casa. "Higher…

Germany’s KfW grants Eskom a loan worth almost R1.4bn

Image
German state-owned bank KfW has agreed to loan Eskom $100m, equivalent to about R1.38bn at Friday’s exchange rate.
The German embassy issued a media statement saying the loan added to R29bn that Germany had committed since 1995 "to address SA’s triple challenge of overcoming poverty, unemployment and inequality by empowering people, improving institutional capabilities, building skills and stimulating inclusive economic growth".
"A reliable energy supply is the backbone of growth, job creation and innovation," deputy German ambassador Klaus Streicher said in the media release.
"Clean energy is a prerequisite for health and quality of life. When we work together on the basis of trust, leveraging each other’s strengths, we make the greatest strides towards a greener and more inclusive society."
The loan from KfW — originally Kreditanstalt für Wiederaufbau, which translates to "reconstruction credit institute" — is to co-finance three transmission…

مواضيع ذات صلة


الابتساماتالابتسامات

الأرشيف

اتصل بنا

الاسم

بريد إلكتروني *

رسالة *