• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • 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.

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

Rand weakens on data worries

Nov 08 2012 17:40 I-Net Bridge

Related Articles

Flat rand eyes US fiscal deficit

Rand hits 2-week high after Obama win

Rand flat, eyes US election

Rand range bound‚ awaits US election

Rand weakens before US election

Rand range-bound ahead of Greek, US votes

 
Johannesburg – The rand weakened on Thursday afternoon as traders reacted to disappointing local data and worries that the EU was sliding further into recession.

“South African manufacturing data out earlier today was extremely negative for the rand. Mine production‚ which also came out today was also very negative for the rand. The mine production was not a huge shock as it was expected due to the strikes in the mining industry‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.

At 3.39pm‚ the rand was bid at R8.7139/$ from Wednesday’s close of R8.6375. It was bid at R11.1002 to the euro from its previous close of R11.0120 and at R13.9266 against sterling from R13.7892 before.

The euro was bid at $1.2737 from Wednesday’s close of $1.2755.

“The weak demand for Spanish bonds today was not good for global risk appetite. The euro lost ground due to growth concerns from the UK. The German finance minister said it was too early to make a decision on Greece’s bailout next week. This is negative as this could mean Greece won’t get the bailout they need‚” he added.

“Anything that is negative for the euro is negative for the rand. Rumours that the ECB is not ready to start a bond buying programme next week has put extra pressure on the euro and is not good for liquidity. Liquidity is important for emerging markets and the rand‚” Kalkwarf said.
rand  |  dollar  |  euro  |  currencies
NEXT ON FIN24X

 
 
 

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.
 
 

The rich will pay - Mpofu

The EFF in Gauteng will focus all its energy on improving the lives of the poor, the party's premier candidate Dali Mpofu says.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

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