Trade report 31/07/2013
South Africa's rand fell against the dollar in early trade on Wednesday, on track to extend three days of losses ahead of domestic trade account data and a Federal Reserve policy review. The rand was at 9.8380/dollar at 0609 GMT, 0.23% weaker than its close in New York on Tuesday. The currency has been under pressure in recent sessions as importers have been selling to settle offshore payments at month end. The USD-ZAR is expected to trade at 9.76-9.9300 today.
In international news, President Barack Obama proposed a "grand bargain for middle-class jobs" on Tuesday that would cut the US corporate tax rate and use billions of dollars in revenues generated by a business tax overhaul to fund projects aimed at creating jobs. The goal, was to break through partisan gridlock in Congress with a formula that satisfies Republicans and Democrats alike.
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Wednesday, 31 July 2013
Monday, 29 July 2013
Rand softer against the dollar
Trade report 29/07/2013
The rand was softer against the dollar in early Monday trade, retreating a few cents after Reserve Bank data showed growth in credit extension to the private sector slowed again in June. The data backs the case for the Reserve Bank to consider another interest rate cut - rates have been steady since the last reduction in 2012 - to boost consumer demand and spur economic growth. The USD-ZAR is expected to trade at 9.70-9.8500 today.
Growth in credit demand from South Africa's private sector slowed to 8.91 percent year-on-year in June from 9.05 percent in May, central bank data showed on Monday. Expansion in the broadly defined M3 measure of money supply also braked, to 9.18 percent from 9.75 percent. Economists surveyed by Reuters had expected credit growth to slow even more, to 8.75 percent while money supply growth was seen virtually steady at 9.7 percent.
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The rand was softer against the dollar in early Monday trade, retreating a few cents after Reserve Bank data showed growth in credit extension to the private sector slowed again in June. The data backs the case for the Reserve Bank to consider another interest rate cut - rates have been steady since the last reduction in 2012 - to boost consumer demand and spur economic growth. The USD-ZAR is expected to trade at 9.70-9.8500 today.
Growth in credit demand from South Africa's private sector slowed to 8.91 percent year-on-year in June from 9.05 percent in May, central bank data showed on Monday. Expansion in the broadly defined M3 measure of money supply also braked, to 9.18 percent from 9.75 percent. Economists surveyed by Reuters had expected credit growth to slow even more, to 8.75 percent while money supply growth was seen virtually steady at 9.7 percent.
To read the full report, visit the Currency Solutions website. Sending dollars overseas– Let one of our professional consultants at assist you in securing the best foreign exchange rate. To know more about how we can help you Contact Us.
Friday, 26 July 2013
Rand was flat against the dollar
Trade report 04/07/2013
The rand was flat against the dollar on Friday and looked to tread a narrow range in the absence of major market-moving economic data, both locally and abroad. By 08:48, the local currency traded at R9.7245/$, barely changed from its New York close at R9.7300 on Thursday. The USD-ZAR is expected to trade at 9.65-9.8000.
In other local news prices at the factory gate rose much more than expected last month, suggesting that the weaker rand is beginning to increase prices for producers, particularly input costs such as fuel. Better than expected consumer inflation on Wednesday, however, suggests that producers are not passing on the higher prices to consumers, given weak demand and a sluggish economic growth environment.
To read the full report, visit the Currency Solutions website. Sending dollars overseas– Let one of our professional consultants at assist you in securing the best foreign exchange rate. To know more about how we can help you Contact Us.
The rand was flat against the dollar on Friday and looked to tread a narrow range in the absence of major market-moving economic data, both locally and abroad. By 08:48, the local currency traded at R9.7245/$, barely changed from its New York close at R9.7300 on Thursday. The USD-ZAR is expected to trade at 9.65-9.8000.
In other local news prices at the factory gate rose much more than expected last month, suggesting that the weaker rand is beginning to increase prices for producers, particularly input costs such as fuel. Better than expected consumer inflation on Wednesday, however, suggests that producers are not passing on the higher prices to consumers, given weak demand and a sluggish economic growth environment.
To read the full report, visit the Currency Solutions website. Sending dollars overseas– Let one of our professional consultants at assist you in securing the best foreign exchange rate. To know more about how we can help you Contact Us.
Thursday, 25 July 2013
Rand touches 8-week high
Trade report 04/07/2013
The rand steadied against the dollar on Thursday after touching an 8-week high overnight, with nagging concerns about fractious domestic labour relations likely to cap significant gains. Government bonds yields were higher ahead of producer inflation data expected show acceleration in the June year-on-year number. The USD-ZAR is expected to trade at 9.70-9.8500.
The South African National Roads Agency SOC Ltd (Sanral), which is facing resistance to a toll-fee plan on freeways around Johannesburg and Pretoria, said investors are reluctant to provide more funding as it runs out of cash after delays to the project. “Sanral has almost totally depleted its available cash,” Vusi Mona, general manager of communications for the Pretoria- based state-owned company, said yesterday.
To read the full report, visit the Currency Solutions website. Sending dollars overseas– Let one of our professional consultants at assist you in securing the best foreign exchange rate. To know more about how we can help you Contact Us.
Tuesday, 23 July 2013
Rand set for third day of gains
Trade report 23/07/2013
The rand steadied against the dollar early on Tuesday, keeping a firmer bias on a greenback pressured by soft economic data that suggested the US Federal Reserve may delay its withdrawal of stimulus. The currency is trading within Monday's range and looks set for a third day of gains against the dollar. The USD-ZAR is expected to trade at 9.70-9.8700.
In international news, the queues of unemployed people across Spain, Portugal and Greece will lengthen further, but an end to recession is within sight, according to the latest Reuters poll on some of the eurozone’s most vulnerable economies. Monday’s poll of more than 40 economists, conducted over the past week, followed a meeting of the Group of 20 finance ministers and central bankers at the weekend, who pledged to put growth before austerity to revive the global economy.
To read the full report, visit the Currency Solutions website. Sending dollars overseas– Let one of our professional consultants at assist you in securing the best foreign exchange rate. To know more about how we can help you Contact Us.
The rand steadied against the dollar early on Tuesday, keeping a firmer bias on a greenback pressured by soft economic data that suggested the US Federal Reserve may delay its withdrawal of stimulus. The currency is trading within Monday's range and looks set for a third day of gains against the dollar. The USD-ZAR is expected to trade at 9.70-9.8700.
In international news, the queues of unemployed people across Spain, Portugal and Greece will lengthen further, but an end to recession is within sight, according to the latest Reuters poll on some of the eurozone’s most vulnerable economies. Monday’s poll of more than 40 economists, conducted over the past week, followed a meeting of the Group of 20 finance ministers and central bankers at the weekend, who pledged to put growth before austerity to revive the global economy.
To read the full report, visit the Currency Solutions website. Sending dollars overseas– Let one of our professional consultants at assist you in securing the best foreign exchange rate. To know more about how we can help you Contact Us.
Monday, 22 July 2013
Rand climbs nearly 1%
Trade report 22/07/2013
The rand climbed nearly 1% against the dollar on Monday, taking its cue from the firming of commodity-linked currencies although the potential for weakness remains due to the threat of mining strikes hanging over the economy. "The rand continues to trade around R9.75 to R10.00 so at least the range seems to be contracting slightly," Standard Bank trader Warrick Butler said in a client note.
In other news South African coal producers have offered workers a 5.6% wage hike, the Solidarity union said on Monday. The offer is below the current inflation rate of about 6%. Coal miners such as Exxaro Resources and Coal of Africa are collectively represented by the industry body, the Chamber of Mines.
To read the full report, visit the Currency Solutions website. Sending dollars overseas– Let one of our professional consultants at assist you in securing the best foreign exchange rate. To know more about how we can help you Contact Us.
The rand climbed nearly 1% against the dollar on Monday, taking its cue from the firming of commodity-linked currencies although the potential for weakness remains due to the threat of mining strikes hanging over the economy. "The rand continues to trade around R9.75 to R10.00 so at least the range seems to be contracting slightly," Standard Bank trader Warrick Butler said in a client note.
In other news South African coal producers have offered workers a 5.6% wage hike, the Solidarity union said on Monday. The offer is below the current inflation rate of about 6%. Coal miners such as Exxaro Resources and Coal of Africa are collectively represented by the industry body, the Chamber of Mines.
To read the full report, visit the Currency Solutions website. Sending dollars overseas– Let one of our professional consultants at assist you in securing the best foreign exchange rate. To know more about how we can help you Contact Us.
Thursday, 18 July 2013
Rand building momentum
Trade report 18/07/2013
On Wednesday the rand rose for a fourth consecutive day against the dollar, boosted in part by stronger than expected retail sales data for May. Growth in sales quickened more than expected to 6.2 percent year-on-year in May from a revised 2 percent in April, cementing market expectations that the central bank will not cut rates. The USD-ZAR is expected to trade at9.80-9.9500 today.
The US central bank is still planning to scale back its bond buying programme later this year said Federal Reserve Chairman Ben Bernanke on Wednesday, but he left open the option that the plan could change should the economic outlook shift. "Our asset purchases depend on economic and financial developments, but they are by no means on a preset course," said Mr. Bernanke in remarks prepared for delivery to the House of Representatives Financial Services Committee.
To read the full report, visit the Currency Solutions website. Sending dollars overseas– Let one of our professional consultants at assist you in securing the best foreign exchange rate. To know more about how we can help you Contact Us.
On Wednesday the rand rose for a fourth consecutive day against the dollar, boosted in part by stronger than expected retail sales data for May. Growth in sales quickened more than expected to 6.2 percent year-on-year in May from a revised 2 percent in April, cementing market expectations that the central bank will not cut rates. The USD-ZAR is expected to trade at9.80-9.9500 today.
The US central bank is still planning to scale back its bond buying programme later this year said Federal Reserve Chairman Ben Bernanke on Wednesday, but he left open the option that the plan could change should the economic outlook shift. "Our asset purchases depend on economic and financial developments, but they are by no means on a preset course," said Mr. Bernanke in remarks prepared for delivery to the House of Representatives Financial Services Committee.
To read the full report, visit the Currency Solutions website. Sending dollars overseas– Let one of our professional consultants at assist you in securing the best foreign exchange rate. To know more about how we can help you Contact Us.
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