• Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

  • Money creation made easy

    Changing the money creation system may be simpler than we think, says Edward Ingram.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Rand eases ahead of data

Dec 06 2012 10:04 Reuters
Rands

(File) (Shutterstock)

Related Articles

Bonds firm on stronger rand

Analysts predict rand recovery

Rand reacts to rate rumours

Rand nudges up in technical correction

Rand steady as Zuma nears re-election

Rand strengthens on Chinese optimism

 
Johannesburg - The rand eased slightly against the dollar in early trade on Thursday ahead of key domestic current account data and amid more weakness in the euro, the currency of South Africa's largest trading partner.

The rand traded at R8.7775 at 08:39 against the greenback, marginally softer than Wednesday's New York close of R8.7650.

Jim Bryson, a currency trader at Rand Merchant Bank, said previous current account figures had put pressure on the currency, and a worse-than-anticipated figure for the third quarter would add to that.

"Going on the last couple of figures, I wouldn't expect anything too cheerful," Bryson said.

Economists surveyed by Reuters expect the third quarter deficit to have swollen to 6.55% of gross domestic product, after posting its biggest figure in over three years in the second quarter, at 6.4% of GDP.

The data will be released at 10:00.

In the eurozone, the European Central Bank is widely expected to keep rates on hold at 0.75% at its policy meeting, although it is likely to paint a gloomy economic outlook, with cuts to its growth forecasts for this year and next.

Investors will look for clues about whether ECB President Mario Draghi will show a greater willingness to cut borrowing costs in the future.

South African government bonds firmed ahead of the data, with yields nudging down 2.5 basis point to 7.485% on the 14-year benchmark bond and a single basis point on the 2015 note to 5.495%.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

NEXT ON FIN24X

Rand remains under pressure

2014-04-23 19:15

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Cope loses members to ANC

President of the Cope Youth Movement, Abel Rangata, and three other Cope members have resigned from the party to join the ANC.

 
 

Latest elections multimedia

11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille
The EFF's ad was banned, see why
Why Jack Parow wants you to vote on 7 May

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...