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Volatile rand weakens as investors weigh China virus damage
The outbreak of the coronavirus in China, with the death toll rising sharply to 132 on Wednesday as nearly 1,500 new cases were identified, remained the main market mover as investors awaited news on possible economic damage.
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Rand, bonds recover slightly from virus-related selloff
The rand’s run beyond the R14.60 technical level did not last as buyers returned, although some traders warned the recovery could be temporary as investors continue to assess opportunities and the impact of the coronavirus.
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Rand, stocks tumble as China virus wrecks risk sentiment
Fears around the potential economic damage of the coronavirus outbreak intensified as the death toll rose to 81, with investors fretting over the impact on travel, tourism and broader economic activity.
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Rand, stocks dip on virus fears
The rand’s losses ate into some of the gains made on Wednesday, when demand for riskier assets had rebounded.
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Rand rises as demand for riskier assets picks up
The rand firmed more than 1% on Wednesday, helped by a recovery in demand for riskier assets, while Dutch-based technology group Prosus led stocks lower.
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Weak growth outlook keeps rand on back foot
The currency has weakened more than 3% versus the greenback since the start of the year.
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Rand falls on domestic woes as stock rally ends
The currency has weakened 3.5% since the beginning of the year, as the country grapples with nationwide power cuts that have dented economic output and sapped investor confidence.
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Rand slips as Woolworths, Old Mutual lead stocks higher
The focus now turns to the South African Reserve Bank’s monetary policy meeting on Thursday, when it will announce its interest rate decision after keeping rates on hold at 6.5% at its last meeting.
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Rand weakens as power cuts, weak data weigh
Power cuts have been a roadblock in President Cyril Ramaphosa’s efforts to lift economic growth.
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Rand steadies ahead of manufacturing data
The rand steadied against the dollar early on Thursday, as investors awaited the latest manufacturing figures for clues on the health of the economy, amid a severe power crunch that has dimmed growth outlook.
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Rand falls on Mideast conflict, power cuts
The rand fell against the dollar in early trade on Wednesday as risk appetite waned on news of Iranian missile strikes on bases hosting US troops in Iraq, stoking fears of a broader conflict in the Middle East.
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Rand firmer, eyes on US-Iran tensions
In the absence of local catalysts, the rand was set to look to global events for direction.
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Rand weakens as power cuts resume, Mideast tensions escalate
The rand weakened on Monday as a resumption of power cuts spurred concerns over domestic growth outlook, while an exchange of threats between Iran and the United States sent investors scurrying for safe-haven assets.
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Rand slips to 2-week low as Middle East tensions sour risk demand
The local currency tracked its Asian peers lower after US air strikes on Baghdad airport killed senior Iranian Quds Force commander Qassem Soleimani, stoking tensions in the Middle East and lifting the price of oil.
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Rand firms slightly on trade deal optimism
By 0645 GMT, the rand strengthened 0.08% to R14.0050 per dollar from its previous close of R14.0160, its recent rally slowing as investors re-assessed positions in the new year.
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Rand strengthens, easing Sino-US tensions aid emerging currencies
The rand has gained about 5% since mid-December, despite a raft of data releases showing a weak economy and nationwide blackouts by state power firm Eskom, with investors willing to overlook the negatives and pocket the high yield.
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Rand firms on US-China trade deal optimism
Investors have increased their exposure to emerging market assets recently on optimism over a preliminary trade truce between the United States and China, with the rand, in particular, benefiting as the currency’s high yield overshadowed South Africa’s economic fundamentals.
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Rand flat, stocks subdued in thin holiday trade
For the week, the currency was up close to 2% after benefiting from a backdrop of mildly positive global sentiment as China and the United States looked close to reaching a partial agreement on trade tariffs.
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Rand firms, stocks pause 3-day winning streak
The rand firmed against the dollar on Thursday, clinging to gains as a high carry yield and a decision by Fitch not to lower the country’s credit rating underpinned demand.
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Rand slips, stocks boosted by electricity supply relief
The rand rallied close to 3.5% in the previous week and on Monday was still near its strongest since 1 August, but with offshore risks building and volumes relatively light heading into Christmas holidays, the momentum faded on Tuesday.
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Rand climbs to 6-week best as flat Fed overshadows local data
The rand raced to a six-week best on Thursday as another batch of data showing poor economic activity was offset by the benign monetary policy outlook in the United States after the Federal Reserve kept lending rates flat.
