Browsing: Adam Phillips

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Rand outperforms ahead of rates move

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

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Rand on edge

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

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Rand’s plunge halted – for now

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

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Rand seesaws on slew of news

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

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Rand surges to pre-Nenegate levels

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$

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Rand breaks through R15/$

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

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Little hope for battered rand

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

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All eyes on Zuma for make-or-break speech

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

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Rand collapses to R16/$

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