The Rand softened against the majority of its most traded rivals yesterday as a larger-than-anticipated expansion in US service industries continued to fuel easing speculation and knock emerging market currencies.
At the current exchange rate 1 Pound will purchase 15.1490 South African Rand as of 09:55 GMT
The commodity-driven currency slipped further against the Pound, US Dollar and Euro during the North American session as the odds of the US tapering stimulus were increased by a report showing that the US had recorded a below forecast trade deficit.
While the Rand has firmed slightly against its US rival this morning, the currency will remain under pressure ahead of the publication of domestic manufacturing data, due out tomorrow at 12:00 GMT.
The GBP/ZAR exchange rate hit a low of 15.0666 Rand per Pound
As Absa Capital stated in its morning report: ‘After a period of consolidation during the early part of the week, the Rand is starting to once again exhibit a weakening bias ahead of Thursday’s important Chinese trade data and local manufacturing and mining output data.’
The Rand eased away from lows of 15.2731 against the Pound as the British currency fluctuated prior to the Bank of England’s inflation report.
If BoE Governor Mark Carney delivers on forward guidance expectations the GBP/ZAR pairing could experience additional movement.
Meanwhile, US consumer credit data may trigger USD/ZAR fluctuations .
Current South African (ZAR) Exchange Rates:
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The US Dollar/South African Rand Exchange Rate is currently in the region of: 9.9082 <
The Pound Sterling/South African Rand Exchange Rate is currently in the region of: 15.1490 <
The Euro/South African Rand Exchange Rate is currently in the region of: 13.1647 <
The Australian Dollar/South African Rand Exchange Rate is currently in the region of: 8.8908 <
The New Zealand Dollar/South African Rand Exchange Rate is currently in the region of 7.8153 <
The Canadian Dollar/South African Rand Exchange Rate is currently trading in the region of 9.5440 <
(Correct as of 09:55 GMT)
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