Browsing: Adam Phillips

The rand continued its rally on Monday, outperforming other currencies a few days before the South African Reserve Bank (Sarb) announces its latest interest rate decision, with analysts expecting the repo rate to remain at 7%. Trading 0,8% stronger

While ANC secretary general Gwede Mantashe’s address regarding finance minister Pravin Gordhan’s battle with the Hawks pushed the rand down by 10c on Tuesday, it was the US rate hike threat that caused further concern over

Finance minister Pravin Gordhan’s response to the Hawks directive helped the rand ease off its decline, but analysts said if he is arrested or fired the currency is heading for trouble. Gordhan said on Wednesday he would not adhere

The quick succession of news that South Africa’s economy shrank by 1,2% in the first quarter of 2016 followed by news that ratings agency Fitch had spared the country from junk status sent the rand on a quick roller-coaster ride

A recovery in commodity currencies and stability in the oil price boosted the rand to its highest level in four months on Tuesday. By 9am on Tuesday, the rand was trading at R14,38/US$

National treasury was praised for managing to attract interest in its new US$1,25bn 10-year bond issuance on the international capital market on Friday. South Africa issued its first international bond in two years on Thursday to fund its budget

The rand has broken the R15/US$ ceiling on Wednesday after US Fed chair Janet Yellen surprised on Tuesday night with dovish comments, depreciating the dollar against most currencies. “A need for caution is all it took from Janet Yellen in a speech

Standard Bank Research said the “rand sacrificed most of the gains it had made since the end of January”, which analysts on Monday said was due to a boiling point in politics involving President Jacob Zuma and finance minister Pravin Gordhan

The rand weakened slightly to R15,92/US$ at 9.55am ahead of President Jacob Zuma’s state of the nation speech on Thursday, which will be watched closely by local investors hoping for a sign

The rand rout continued on Friday, with the local unit briefly breaking through R16/US$ before recovering to the high R15,70s. The strong selloff of the rand started on Wednesday night after President Jacob Zuma sacked finance minister Nhlanhla Nene and