1st Afrika Times International

News

 Breaking News

South Africa’s Rand Slips, Stocks To Open Higher

South Africa’s Rand Slips, Stocks To Open Higher
October 16
08:38 2015

South Africa’s rand on Friday ended a recent rally after stronger-than-expected U.S. inflation data lifted the dollar, while stocks were expected to open higher.

By 0645 GMT the rand had weakened 0.35 percent to 13.0945 per dollar, reversing gains in the previous session that saw the unit hit a seven-week high. The rand just failed to breach the key 13.00 resistance level on Thursday.

Government bonds were also weaker as yields inched up, with the benchmark paper due in 2026 adding 1.5 basis points to 8.155 percent.

The Top-40 futures index was up 0.72 percent, suggesting the blue-chip stocks index would open 322 points firmer at 0700 GMT.

“From a technical point of view today could be quite crucial,” said Warrick Butler, a trader at Standard Bank. A close firmer than 13.1700 could open the door to a rally as far 12.50, Butler said.

The rand, however, faces a rough ride against the resilient dollar, which shrugged off tepid retail and producer price data earlier in the week to rebound from 1-1/2 month lows.

A surprise 0.2 percent rise in the September U.S core consumer price index pushed the year-on-year gain to 1.9 percent, closer to the Federal Reserve’s 2 percent goal, backing the case for a 2015 rate hike.

Traders will be eyeing a raft of local releases, with inflation, retail sales and the finance minister’s medium term budget speech before parliament all due next Wednesday. (Reporting by Mfuneko Toyana; Editing by Joe Brock)

 

About Author

Jide Adesina

Jide Adesina

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

Search This Site

The Tourist

Join Us on Facebook

Recent Posts

Nigeria Ruled by Incompetent ‘Saints…Governance by Propaganda and Lies has been Institutionalized by ‘Saints’
Nigeria Ruled by Incompetent ‘Saints…Governance by Propaganda and Lies has been Institutionalized by ‘Saints’

I am a terminal optimist; ‘a believer’ in Nigeria’s future greatness, that is why three years ago, I would not

Read more

 
CCT to resume Onnoghen’s trial February 4
CCT to resume Onnoghen’s trial February 4

The Code of Conduct Tribunal has fixed February 4 for the resumption of hearing in the charges filed against the

Read more

 
Meghan Markle Debuts Her Second Stella McCartney Wedding Dress En Route to Her Reception
Meghan Markle Debuts Her Second Stella McCartney Wedding Dress En Route to Her Reception

Meghan Markle debuted the dress earlier today when she arrived at St. George’s Chapel for her wedding ceremony to Prince

Read more

 

1st Afrika Times TV

WP Facebook Auto Publish Powered By : XYZScripts.com