20°C / 22°C
  • Fri
  • 29°C
  • 12°C
  • Sat
  • 29°C
  • 12°C
  • Sun
  • 29°C
  • 13°C
  • Mon
  • 26°C
  • 11°C
  • Tue
  • 27°C
  • 9°C
  • Wed
  • 22°C
  • 7°C
  • Fri
  • 19°C
  • 13°C
  • Sat
  • 17°C
  • 13°C
  • Sun
  • 17°C
  • 12°C
  • Mon
  • 23°C
  • 12°C
  • Tue
  • 24°C
  • 13°C
  • Wed
  • 28°C
  • 13°C
  • Fri
  • 31°C
  • 14°C
  • Sat
  • 31°C
  • 15°C
  • Sun
  • 31°C
  • 15°C
  • Mon
  • 27°C
  • 13°C
  • Tue
  • 28°C
  • 10°C
  • Wed
  • 24°C
  • 10°C
  • Fri
  • 32°C
  • 14°C
  • Sat
  • 31°C
  • 14°C
  • Sun
  • 31°C
  • 16°C
  • Mon
  • 28°C
  • 14°C
  • Tue
  • 29°C
  • 11°C
  • Wed
  • 23°C
  • 9°C
  • Fri
  • 27°C
  • 18°C
  • Sat
  • 24°C
  • 18°C
  • Sun
  • 23°C
  • 17°C
  • Mon
  • 19°C
  • 16°C
  • Tue
  • 20°C
  • 16°C
  • Wed
  • 20°C
  • 13°C
  • Fri
  • 22°C
  • 16°C
  • Sat
  • 20°C
  • 14°C
  • Sun
  • 16°C
  • 13°C
  • Mon
  • 17°C
  • 11°C
  • Tue
  • 18°C
  • 11°C
  • Wed
  • 21°C
  • 12°C
  • Fri
  • 21°C
  • 12°C
  • Sat
  • 17°C
  • 10°C
  • Sun
  • 19°C
  • 8°C
  • Mon
  • 25°C
  • 7°C
  • Tue
  • 25°C
  • 12°C
  • Wed
  • 32°C
  • 15°C
  • Fri
  • 19°C
  • 13°C
  • Sat
  • 16°C
  • 12°C
  • Sun
  • 16°C
  • 11°C
  • Mon
  • 22°C
  • 11°C
  • Tue
  • 22°C
  • 13°C
  • Wed
  • 26°C
  • 16°C
  • Fri
  • 32°C
  • 15°C
  • Sat
  • 32°C
  • 15°C
  • Sun
  • 32°C
  • 15°C
  • Mon
  • 29°C
  • 16°C
  • Tue
  • 29°C
  • 13°C
  • Wed
  • 27°C
  • 13°C
  • Fri
  • 31°C
  • 18°C
  • Sat
  • 31°C
  • 16°C
  • Sun
  • 30°C
  • 16°C
  • Mon
  • 29°C
  • 14°C
  • Tue
  • 29°C
  • 14°C
  • Wed
  • 25°C
  • 10°C
  • Fri
  • 31°C
  • 15°C
  • Sat
  • 33°C
  • 12°C
  • Sun
  • 32°C
  • 13°C
  • Mon
  • 21°C
  • 12°C
  • Tue
  • 24°C
  • 11°C
  • Wed
  • 19°C
  • 7°C
  • Fri
  • 24°C
  • 14°C
  • Sat
  • 19°C
  • 12°C
  • Sun
  • 15°C
  • 10°C
  • Mon
  • 17°C
  • 9°C
  • Tue
  • 18°C
  • 10°C
  • Wed
  • 23°C
  • 9°C

Rand slips on dismal business confidence data; all eyes on ECB

The rand fell in early trade on Thursday, after data showed that a gauge of country’s business confidence hit its lowest in decades, while investors awaited outcome of an European Central Bank (ECB) meeting.

Picture: Christa Eybers/EWN

JOHANNESBURG - The rand fell in early trade on Thursday, after data showed that a gauge of country’s business confidence hit its lowest in decades, while investors awaited outcome of an European Central Bank (ECB) meeting.

At 0640 GMT, the rand was 0.12% weaker at R14.6875 per dollar, compared to an overnight close of R14.6700.

On Wednesday, the South African Chamber of Commerce and Industry’s monthly business confidence index fell to its lowest level in 34 years in August, hurt by a sharp drop in export volumes and a weaker currency.

A quarterly measurement of sentiment by the Rand Merchant Bank plunged to a 20-year low in the third quarter. The dismal data sparked a selloff and some profit-taking on the rand, while investors awaited the outcome of an ECB meeting later in the session where the regulator s expected to push interest rates even further into negative territory.

“The move was essentially a result of some pre-hedging ahead of the ECB meeting this afternoon where expectations of some stimulus is expected,” Warrick Butler, chief trader at Standard Bank, said in a note.

“A few reports and rumours doing the round yesterday (on Wednesday) suggested this may in fact not be the case and so the market resorted to a bit of dollar buying instead.”

Bonds were firmer, with the yield on the benchmark paper due in 2026 down 2 basis points to 8.14%.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus