The ZAR Exchange Rate Thread

[LazyLion]

Dollar edges up amid speculation about US Economy

The dollar edged up on Monday as trading remained cautious amid speculation about the timing of an end to massive US stimulus plans.

The dollar gained to 98.49 yen in morning Asian trade from 98.16 late Friday in New York.

The euro bought $1.3202, down from $1.3218, while the single currency was trading at 130.09 yen against 129.82 yen.

US financial markets are closed Monday for the Labor Day federal holiday.

"The market is paying more attention to US economic indicators than Syria," said Daisuke Karakama, market economist at Mizuho Bank's forex division.

"Especially, the market is focusing on US jobless figures to be released on Friday, ahead of the upcoming FOMC meeting," Karakama said.

"Nervous trading is expected during the week as we need to pay attention to a lot of things," he added.

US consumer spending sputtered in July amid weak income growth, according to Commerce Department data released Friday.

The new data cast a cloud over speculation that the Federal Reserve will begin to reduce its $85 billion-a-month bond-buying programme this year.

Concerns about the strength of the major economic indicators in the third quarter could convince the Fed to delay the move, which could come as soon as its September 17-18 monetary policy meeting.


Source : Sapa-AFP /kn
Date : 02 Sep 2013 04:25

 

[MKFrost]

Rand gained some ground. Strengthened to just above the R10.07 level after the Non-Farm Payroll news out of the US.

Will we break back below the R10.00 level? I think R9.95 area is a possibility but after that we will head up again i.e. cross back above R10.00.

 

[MKFrost]

So the Rand did the R9.95 level as expected and headed back above the R10.00 level.

Expectations from here? I wish I knew. My best guess is for it to go to around the R10.16/20 area. To try and understand the Rand is like trying to understand my wife. I've given up on it a long time ago, I just follow.....

 

[Arthur]

To try and understand the Rand is like trying to understand my wife. I've given up on it a long time ago, I just follow.....

Ne'er a truer word spoken.

 

[LazyLion]

FNB Public Exchange Rates

Published at 08:04:45 against the rand on Thu 19 Sep 2013

for amounts up to R50 000

Bank Bank Bank Bank

Currency Selling Buying Buying Buying

Rate Rate TC's Notes

Rand per Foreign Currency Unit

USD US DOLLARS 9.7777 9.3620 9.3252 9.3759

GBP BRITISH STERLING 15.8095 15.0667 15.0153 15.0995

EUR EURO CURRENCY 13.2468 12.6537 12.6094 12.6796

Foreign Currency Unit per Rand

AUD AUSTRALIAN DOLLARS 0.1063 0.1140 0.1144 0.1138

BWP BOTSWANA PULA 0.8453 0.9364 0.9397 0.9345

CAD CANADIAN DOLLARS 0.1026 0.1110 0.1114 0.1108

CHF SWISS FRANCS 0.0919 0.0988 0.0992 0.0986

DKK DANISH KRONE 0.5518 0.6007 0.6028 0.5995

GHS GHANAIAN CEDI 0.1992 0.0000 0.0000 0.0000

HKD HONG KONG DOLLARS 0.7750 0.8509 0.8539 0.8489

INR INDIAN RUPEES 6.1725 6.7725 6.7974 6.7602

JPY JAPANESE YEN 9.8870 10.6677 10.7044 10.6429

KES KENYAN SCHILLINGS 8.5548 9.6545 0.0000 9.6333

LSL LESOTHO LOTI 1.0000 1.0000 0.0000 1.0000

MUR MAURITIUS RUPEES 2.9891 3.4285 3.4402 3.4210

MWK MALAWI KWACHA 27.8470 0.0000 0.0000 0.0000

MZN MOZAMBIQUE METICAL 2.8800 0.0000 0.0000 0.0000

NAD NAMIBIAN DOLLAR 1.0000 1.0000 0.0000 1.0000

NGN NIGERIAN NAIRA 15.0521 18.0620 18.1225 18.0208

NOK NORWEGIAN KRONER 0.5823 0.6349 0.6371 0.6336

NZD NEW ZEALAND DOLLARS 0.1197 0.1294 0.1298 0.1291

PKR PAKISTAN RUPEES 9.4693 10.5550 0.0000 10.5351

SEK SWEDISH KRONER 0.6373 0.6947 0.6969 0.6933

SGD SINGAPORE DOLLARS 0.1251 0.1350 0.1355 0.1347

SZL SWAZILAND LILANGENI 1.0000 1.0000 0.0000 1.0000

THB THAILAND BAHT 3.1163 3.3633 3.3750 3.3563

TZS TANZANIAN SHILLINGS 155.1915 184.3064 0.0000 183.8742

UGX UGANDAN SHILLINGS 249.7006 295.1099 0.0000 294.4184

ZMW ZAMBIAN KWACHA 0.5271 0.0000 0.0000 0.0000


Source : Sapa /jje
Date : 19 Sep 2013 08:46

 

[LazyLion]

Asian Markets Jump After Fed Surprise

Asian markets climbed and the dollar weakened on Thursday in response to a surprise decision by the US Federal Reserve to keep its massive stimulus programme intact.

The announcement to hold off winding down its $85 billion a month bond-buying fuelled a buying spree on Wall Street, sending the Dow and S&P 500 to record highs.

Asian investors took up the baton Thursday. Tokyo rose 0.99 percent, Hong Kong jumped 1.87 percent and Sydney added 1.02 percent to a five-and-a-half-year high.

Emerging markets were the biggest gainers after suffering a heavy sell-off in August on expectations the Fed's easy money policy -- which helped fuel an investment splurge this year -- would come to an end.

Manila surged 3.40 percent, Singapore added 1.86 percent and Kuala Lumpur added 1.16 percent

Seoul, Shanghai and Taipei were closed for public holidays.

In an eagerly awaited announcement, the Fed said it would keep the stimulus in place as it wanted to further gauge the economic impact of public spending cuts and a spike in interest rates in the past four months.

Instead it cut its growth forecast for this year and next as chairman Ben Bernanke warned of possibly "very serious consequences" from a brewing political battle in Washington over a new budget and the US debt ceiling.

"The Federal Reserve's policy is to do whatever we can to keep the economy on course. And so if these actions led the economy to slow, then we would have to take that into account, surely," he told reporters.

He said the bank could still start reducing the bond-buying -- which aims to hold down long-term interest rates -- in the next three months, but only if the economic outlook improves.

"There is no fixed calendar," he said.

Wall Street welcomed the announcement. The Dow rose 0.95 percent, the S&P 500 climbed 1.22 percent and the Nasdaq was up 1.01 percent.

Most economists had expected the Fed to begin tapering its spending --with forecasts of a reduction of $5 billion-$15 billion -- after weeks of upbeat data suggested the US economy was at last gaining strength.

But Matthew Sherwood, head of investment market research at Perpetual in Sydney, told Dow Jones Newswires: "It is a pretty patchy recovery, and it is a sign that the US is not ready for a reduced stimulus."

With the prospect of vast sums of cash continuing to be pumped into financial markets, the US dollar sank in New York to 98.13 yen from 99.20 yen on Tokyo earlier in the day, while the euro jumped to $1.3511 from $1.3353.

On Thursday the US unit faced fresh selling pressure, slipping to 98.10 yen, while the euro bought $1.3525. The European single currency also fetched 132.69 against 132.55 yen.

On oil markets, New York's main contract, West Texas Intermediate for delivery in October, gained 67 cents to $108.74, while Brent North Sea crude for November was up 44 cents to $111.04.

Gold was $1,364.29 an ounce at 0200 GMT compared with $1,300.40 late Wednesday.


Source : Sapa-AFP /ss
Date : 19 Sep 2013 04:30

 

[LazyLion]

The Dollar has jumped back to R9.87

 

[Sinbad]

Was R9.70 on Friday. The forex traders upstairs must be going grey

 

[LazyLion]

Whoops, no scratch that.

I don't know where I got that faulty information from.

It's R9.87.

 

[Arthur]

There goes the Rand again.

Sell Rate USD just cracked 10.46.

 

[LazyLion]

 

[Sinbad]

Which politician opened his shytehole?

 

[Arthur]

Eina. Have $40K due soon, and was hoping for 9.98-ish...

 

[reactor_sa]

I was waiting for it to go back below R10 before making purchases in the US this week, but then I realised last night the trend was the wrong way, so I made my purchases. Looks like just in time too, I paid R10.13 a dollar via Mastercard.

 

[Sonic2k]

Eventually our currency will be totally worthless. Maybe then we can switch over to the US dollar like Zim has.

 

[Arthur]

Can't remember who else did their maiden century with a six?

 

[Arthur]

This isn't the cricket thread? Sorry.

 

[LazyLion]

R10.39 median rate right now
http://www.xe.com/

 

[Garson007]

Eventually our currency will be totally worthless. Maybe then we can switch over to the US dollar like Zim has.

In terms of purchasing power it doesn't make sense though; inflation still has to come a long way to set a benchmark anywhere near the current exchange rate.

 

[Garson007]

I must say however, that this quite a massive change in a very short time. Did someone drop a hydrogen bomb on Johannesburg?

I mean 1% in 10 minutes and it couldn't have been automated mass selling as it has been worse earlier the day before the selling.