• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Rand drifts lower ahead of current account data

Mar 08 2016 10:13

Johannesburg - The rand ended a two-day run of gains against the dollar on Tuesday, drifting half a percent lower against the dollar ahead of current account data at 10:00 that may set the direction for the session.

Stocks looked likely to start slightly weaker, as indicated by the Top-40 futures index, which dipped 0.37%.

At 08:53 the rand was trading at R15.3400/$, down 0.54% from Monday's close at 15.2575.

The rand took its cue mainly from Asia, where shares took a breather after a month-long rally.

"The market is likely to remain in limbo until the South African Reserve Bank quarterly bulletin comes out this morning with the latest current account information," NKC African Economics said in a morning note.

The current account deficit is expected to have widened slightly to 4.35% of GDP in the fourth quarter of 2015 from 4.1% in the third quarter, according to a Reuters poll.

The current account shortfall, largely financed by portfolio inflows, has long been a source of risk for the rand.

On the debt market, government bonds were a touch firmer, with the yield on the 2026 benchmark government bond easing 2 basis points to 9.28%.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

rand  |  markets  |  currencies

NEXT ON FIN24X

 
 
 
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

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

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...