Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

South Africa's rand slips on firmer dollar; economic data eyed

05/03/2021 | 03:52am EDT
South African Rand coins are seen in this illustration picture

JOHANNESBURG (Reuters) - South Africa's rand got off to a weak start against a firmer U.S. dollar on Monday, with investors awaiting a raft of local and global data this week.

At 0615 GMT, the rand traded at 14.5200 against the dollar, 0.24% weaker than its close on Friday, when it suffered losses of more than 1%.

"Those (Friday) losses breached the technical resistance levels on the top side, with this scenario suggesting potential further weakness for the local unit as the U.S. dollar recovered across the board. Although, activity could be limited today, as the UK is on holiday," analysts at Nedbank said in a note.

The rand lost momentum as investors worried about local economic growth and the duration of expansionary fiscal and monetary policies in developed economies that have so far supported flows into the currency and a healthy trade surplus.

A raft of U.S. economic data this week, including the ISM manufacturing survey and April payroll numbers, is eyed by investors for further cues about recovery in the world's largest economy.

On the domestic front, manufacturing survey, new vehicle sales and reserves data due this week are expected to provide some insights into the health of the local economy.

Government bonds also weakened in early deals, with the yield on the instrument due in 2030 up 1.5 basis points to 9.305%.

(Reporting by Olivia Kumwenda-Mtambo; editing by Uttaresh.V)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.73% 0.77796 Delayed Quote.0.37%
BRITISH POUND / US DOLLAR (GBP/USD) 0.34% 1.40928 Delayed Quote.2.72%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.8256 Delayed Quote.4.64%
EURO / SOUTH AFRICAN RAND (EUR/ZAR) -0.15% 17.14 Delayed Quote.-4.62%
EURO / US DOLLAR (EUR/USD) 0.57% 1.21451 Delayed Quote.-1.12%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.00% 0.013655 Delayed Quote.-0.55%
NEDBANK GROUP LIMITED -0.60% 145 End-of-day quote.11.99%
NEDBANK LIMITED -0.73% 8.15 End-of-day quote.9.40%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.95% 0.72495 Delayed Quote.0.03%
US DOLLAR / SOUTH AFRICAN RAND (USD/ZAR) 0.00% 14.1325 Delayed Quote.-3.49%
Latest news "Economy & Forex"
04:29pBANCO SANTANDER S Aá : Santander says all UK services working again after technical difficulties
03:58pDANIEL EK : Soccer-Spotify founder Ek says his bid for Arsenal was rejected
02:55pPeru's GDP up 18.21% in March as industry hits its stride
02:20pProxy advisor ISS recommends votes for Chevron CEO, directors
01:47pFuel shortages begin to ease after Colonial hack
01:33pU.S. fuel crisis eases as pipeline returns to normal after hack
01:19pEasyjet Chairman Barton prepares to step down in 2022
12:17pAround 45% of gas stations in georgia are without fuel, down from 46% saturday morning -gasbuddy
12:17pEstimated 63% of north carolina gas stations remain without fuel saturday, down form 68% -gasbuddy
12:17pAround 80% of gas stations in washington dc remain without fuel saturday, down from 81% -gasbuddy
Latest news "Economy & Forex"