Rand plummets

  • Thread starter Thread starter Bianke Neethling
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Bianke Neethling

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Rand plummets

The rand plummeted against the US dollar today as the country returned to stage 6 load-shedding and investors turned to the greenback for safety.
 
complete kak, the rand just stayed static, for some reason the dollar rallied

unless you want to argue the ANC is affecting the f-ing bitcoin price which also went down at the same time
 
NarrowBandFtw said:
complete kak, the rand just stayed static, for some reason the dollar rallied

unless you want to argue the ANC is affecting the f-ing bitcoin price which also went down at the same time
Click to expand...
USD did indeed jump - against most currencies.
 
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It plummeted due to Stage 6? Another rubbish Daily Investor article. I'm not surprised. Daily Investor is probably run by doomsday economist Dawie Roodt.

All emerging markets are plummeting at the moment.

Rand bleeds amid concerns about Chinese growth​

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Normally, stronger-than-expected GDP growth would have bolstered the rand, says Casparus Treurnicht, portfolio manager at Gryphon Asset Management. This signals to the Reserve Bank that the damage of aggressive interest rate hikes may be less than feared, and could convince the monetary authority to keep rates higher for longer.

"But the dollar is bolstered by traders seeking a safe haven amid market concern about the impact of a deteriorating Chinese economy on world growth."

South Africa, as a commodity exporter, would be hit particularly hard by a Chinese slowdown.
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The Australian dollar was hardest hit;

The China-exposed Australian dollar was the most affected, falling 1.46% to $0.6372 hurt too by the RBA's latest policy update.
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www.news24.com

Rand bleeds amid concerns about Chinese growth | Business

The rand hit R19.26/$ early on Tuesday, its weakest level in weeks.
www.news24.com www.news24.com
 
What a shithole country! R20 / 1$ here we come, no wonder everything is so kak expensive these days.
 
My Christmas holiday is going to be cheap as chips at this rate. Wonder if it will hit R25:£1.
Ultimately while this benefits me, it is not good for SA and my loved ones still in the country.
 
genetic said:
It plummeted due to Stage 6? Another rubbish Daily Investor article. I'm not surprised. Daily Investor is probably run by doomsday economist Dawie Roodt.

All emerging markets are plummeting at the moment.





The Australian dollar was hardest hit;



www.news24.com

Rand bleeds amid concerns about Chinese growth | Business

The rand hit R19.26/$ early on Tuesday, its weakest level in weeks.
www.news24.com www.news24.com
Click to expand...
Well.. rather the USD is strengthening across currencies including GBP, EUR, CHF, AUD..
 
killerbyte said:
My Christmas holiday is going to be cheap as chips at this rate. Wonder if it will hit R25:£1.
Ultimately while this benefits me, it is not good for SA and my loved ones still in the country.
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Great for my wife going to visit some family in SA next week. Suck for the entire family as I am going to be moving a sizable amount from the house sale in the coming months from rands to euro's. :crying:
 
s0lar said:
Great for my wife going to visit some family in SA next week. Suck for the entire family as I am going to be moving a sizable amount from the house sale in the coming months from rands to euro's. :crying:
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Yeah, you should sit on the money for as long as possible then transfer it when the Rand strengthens.
 
genetic said:
It plummeted due to Stage 6? Another rubbish Daily Investor article. I'm not surprised. Daily Investor is probably run by doomsday economist Dawie Roodt.

All emerging markets are plummeting at the moment.





The Australian dollar was hardest hit;



www.news24.com

Rand bleeds amid concerns about Chinese growth | Business

The rand hit R19.26/$ early on Tuesday, its weakest level in weeks.
www.news24.com www.news24.com
Click to expand...
Daily Investor is probably run by doomsday economist Dawie Roodt. --- lol! or is part of a ****ing Doomsday brigade, gets activate when level 4 and higher LS hits...
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Daily Investor tries to get maximum millage out of higher LS anger ... tries to hitched everything back to LS...again and again, they get slapped in the forum for it, and again and again...the same strategy each round.
 
To those who are interested:

The Dollar will continue to strengthen against most currencies so long as the global economy is in question and the risk of a recession persists. The Dollar is seen as a safe place to hide during uncertainty.

There aren't enough dollars in circulation for everyone to service their dollar denominated debts. This will remain bad while interest rates are still high.

China is close to some sort of economic crash led by their failing property market, namely evergrande and country garden.

If something breaks and fears of a global financial crisis start to spread, central bank's might be forced to lower interest rates to stimulate their economies. The federal reserve may then be forced to stimulate the American economy with quantitative easing (money printing).

When the fed prints dollars, the value of each dollar naturally becomes diluted. This is when the Rand and other currencies around the world will bounce back.

Note that, if and when they print, inflation will begin to surge higher as the economy gets fired up again, and demand for oil will surge higher.

Saudi has already refused to pump more oil, so as demand increases, the oil price will start to move higher (quickly I think)

I think we see at least R30 per litre in 2024 unless oil producers increase production.

Good luck everyone. This is not a fun time to be in the markets, and things are very complicated. I've got some cash on the sidelines in case this all plays out as I've stated.

Money printing in a crisis, as governments lower interest rates in a panic, is usually a decent time to invest in stocks and other risk assets like Crypto etc.

But honestly, everything is so up in the air right now that nothing is guaranteed.
 
yebocan said:
Daily Investor tries to get maximum millage out of higher LS anger ... tries to hitched everything back to LS...again and again, they get slapped in the forum for it, and again and again...the same strategy each round.
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It's annoying, and it's completely false. The moment I see some a BS article, it's normally from Daily Investor or Business Tech. They lean heavily on click-bait and skewed journalism.
 
I can almost bet in Sept rate review.. (mpc)... it will go up

Loadshedding is slowly FU this country
 
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