The Pound Sterling to South African Rand (GBP/ZAR) exchange rate is trading in a softer position on Thursday. This can be attributed to mixed data from South Africa and low-impact data from the UK. Additionally, the currency market is less volatile as a whole as traders await US growth figures.
The Pound Sterling to South African Rand exchange rate is currently trending in the region of 17.5090.
Wednesday’s British data caused the Pound to slide against the majority of its most traded currency peers. Monthly Money Supply declined from 0.3% to -0.7% in September. Mortgage Approvals was expected to fall from 64,100 to 62,000, but the actual result dropped further to 61,300. Net Consumer Credit avoided dropping to the median market forecast of 0.8 billion from 1.0 billion, with the actual data decreasing to 0.9 billion. Net Lending Securities on Dwellings declined beyond the market consensus of a drop from 2.2 billion to 2.1 billion, with the actual result falling to 1.8 billion.
On Wednesday the South African Rand avoided any significant depreciation despite a slight downtick in Private Sector Credit. Having registered a score of 8.78% previously, the actual result dropped a little to 8.74% despite the median market forecast of a rise to 8.99%. However, a softened US Dollar and improved market sentiment allowed the Rand to appreciate against many of its most traded currency rivals.
The Pound Sterling to South African Rand exchange rate has fallen to a low today of 17.4280.
British data on Thursday has printed impressively in comparison to Wednesday’s disappointing results. The seasonally adjusted monthly Nationwide House Prices was forecast to rise from by 0.3% after a previous decline of -0.1%, but the actual data revealed an advance to 0.5%. Year-on-year non-seasonally adjusted Nationwide House Prices were forecast to drop from 9.4% to 8.5%, but the actual result was a decline to 9.0%.
However, the Pound has struggled to rally against many of its major competitors from the data results. Continued negative sentiment towards Sterling has muted the trader response from the better-than-expected domestic results.
South African data has been relatively mixed on Thursday. Unemployment Rate was forecast to equal the previous figure of 25.5%, but the actual result showed a positive declination to 25.4%. The year-on-year Producer Price Index declined beyond the median market forecast of a drop from 7.2% to 7.0%, with the actual result dropping to 6.9%. The monthly PPI rose by 0.1% after stagnating the previous month but was unable to meet with the market consensus of a rise of 0.2%.
Pound to South African Rand Exchange Rate Forecast to Gain
An absence of South African data on Friday ought to see the GBP/ZAR exchange rate strengthen. However, should the US growth figures soften beyond expectations; the South African Rand is likely to tick higher.
The Pound Sterling to South African Rand exchange rate has reached a high today of 17.5560.
South African Rand (ZAR) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
South African Rand,
,US Dollar,0.0912,
South African Rand,,Euro,0.0725,
South African Rand,,Pound,0.0570,
South African Rand,,Australian Dollar,0.1039,
US Dollar,,South African Rand,10.9603,
Euro,,South African Rand,13.7860,
Pound Sterling,,South African Rand,17.5153,
Australian Dollar,,South African Rand,9.6235,
[/table]
