The rand is tanking

Ho3n3r said:
Is there any chance you can put that in layman's terms? Referring to the pic.
Click to expand...

He is just pointing out that there is fairly important US data coming out later today which will affect the strength of the dollar relative to other currencies.
 
Ho3n3r said:
Is there any chance you can put that in layman's terms? Referring to the pic.
Click to expand...

OK, simply put, it is THE most important news release in the world as it is an indication of how stong the US economy was for the month in question.

It impacts all currencies around the world

most-volatile-news-reports2.png

Read more here
 
Ho3n3r said:
Curious about what these entail exactly.
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Basically US employment numbers. But don't worry, they do cause sizable moves in trading terms but then the numbers come out monthly, so any moves are not the end of the world.
 
Ho3n3r said:
Good work. Interesting. Do you think it will be good or bad for us?
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The dollar is on a steamroll at the moment. However in the 5 preceding months, the actual number of NFPs have been lower than expected in 4 of those months.

This month economists expect it to be 220 000, any lower than this and the dollar will drop in value (increase in the rand's value) and any higher than that and you can expect the dollar to increase in value, and that will be really bad for us...

If you like you can have a look at any live chart of USDZAR (change to 1 minute timeframe - its on the left) from around 14:28 to 14:35 to see how people are trading dollars and rands.
 
YingYang said:
The dollar is on a steamroll at the moment. However in the 5 preceding months, the actual number of NFPs have been lower than expected in 4 of those months.

This month economists expect it to be 220 000, any lower than this and the dollar will drop in value (increase in the rand's value) and any higher than that and you can expect the dollar to increase in value, and that will be really bad for us...

If you like you can have a look at any live chart of USDZAR (change to 1 minute timeframe - its on the left) from around 14:28 to 14:35 to see how people are trading dollars and rands.
Click to expand...

Thanks a lot.

I'll definitely book that timeframe to watch this.
 
YingYang said:
The dollar is on a steamroll at the moment. However in the 5 preceding months, the actual number of NFPs have been lower than expected in 4 of those months.

This month economists expect it to be 220 000, any lower than this and the dollar will drop in value (increase in the rand's value) and any higher than that and you can expect the dollar to increase in value, and that will be really bad for us...

If you like you can have a look at any live chart of USDZAR (change to 1 minute timeframe - its on the left) from around 14:28 to 14:35 to see how people are trading dollars and rands.
Click to expand...

Tradingview have nicer live charts imho.

https://www.tradingview.com/chart/?symbol=USDZAR
 
YingYang said:
You're right. I'm just used to using Investing.com for a variety of forex related things :)
Click to expand...

Yeah, i've tried a few others over the years but i always go back to investing.com's economic calendar.
 
Ho3n3r said:
Thanks a lot.

I'll definitely book that timeframe to watch this.
Click to expand...
Did you watch? It went all the way down to R13.50 then shot back up to R13.70 :)

Just shows you how powerful the dollar is / or how weak the rand is (more likely). The NFP numbers were much poorer than economists expected 173k (expected 220k) and still the dollar is destroying the rand. Of course one has to take into account that the Unemployment rate in the US decreased by 5.1% and that also has a massive effect on the strength of the dollar.
 
Mother of god.

R13.9174 - this, despite a news release at 0800 (SAST) that our foreign reserves increased in August and is currently sitting on 46 billion USD.

And not to mention that its a holiday in the US
 
YingYang said:
Mother of god.

R13.9174 - this, despite a news release at 0800 (SAST) that our foreign reserves increased in August and is currently sitting on 46 billion USD.

And not to mention that its a holiday in the US
Click to expand...

Fitch stopped rating South Africa, this must be the result
 
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