The Pound Sterling (GBP) has made slight positive movement against the South African Rand (GBP/ZAR) today; this has come as a result of the UK Industrial and Manufacturing Production figures for August rising above expectations.
UK GDP Estimate may Widen GBP/ZAR Gap Later On
The next piece of data affecting the GBP/ZAR pairing will be the UK GDP Estimate for September from the NIESR; no predictions have been made, but naturally a higher percentage will be of greater benefit in supporting the Pound (GBP).
Earlier…
The Pound Sterling (GBP) has dropped by -0.3% against the South African Rand (GBP/ZAR) today, following a steady upsurge in the price of South Africa’s commodities since the start of the month.
UK Data to Decide Future Movement of GBP/ZAR Exchange Rate
Since October 1st, the price of gold per 100 ounces has risen tentatively, as has the price of platinum. This slow growth has finally caught up with speculation, as the Pound (GBP) has declined against the Rand (GBP/ZAR) today. Despite this, a recent International Monetary Fund (IMF) report on the future state of global economies forecasted a slowdown in South Africa.
In the near-future, exchange rate movement will take place from the UK Industrial and Manufacturing Production results for August.
Earlier…
The Pound Sterling to South African Rand (GBP/ZAR) exchange rate has risen today and against other currencies the Pound has fared equally well, owing to some historically positive vehicles sales in the face of growing global marketplace fears.
GBP/ZAR Exchange Rate News: Osborne’s Detrimental ‘Slowdown’ Rhetoric Offset by Supportive UK Data
The Pound Sterling (GBP) has risen by 0.4% against the South African Rand (GBP/ZAR) today, just one of a number of notable gains for the UK currency. Although a -0.3% drop has been seen against the Australian Dollar (GBP/AUD), elsewhere the Pound has advanced by more than 0.4% against the Indian Rupee (GBP/INR), the Singapore Dollar (GBP/SGD) and the Turkish Lira (GBP/TRY). Clearly out in front as the Pound’s best result, a 0.9% rise has been seen against the Russian Ruble (GBP/RUB).
The Pound’s performance today can be partly attributed to the annual UK New Car Registrations figure for September, which in addition to printing with a positive result is also the best September result on record. Less clear cut has been the Halifax House Price results; the figure for the three months to the end of September fell short of the expected 9.1% increase by posting 8.6%, while the monthly result saw a notable decline from a previous 2.7% down to -0.9%.
Commodity Crash continues to Harm Metal Prices, South African Rand (ZAR) stays Low as a Result
The South African Rand (ZAR) has fared poorly against its competitors today, falling against the Pound Sterling (ZAR/GBP), the Euro (ZAR/EUR) and the US Dollar (ZAR/USD). Regarding the latter two currencies, gains of 0.2% have been seen by the Euro (EUR/ZAR) and the US Dollar (USD/ZAR) against the Rand.
Along with the ongoing commodity crash woes South Africa is experiencing, the price of gold per 100 ounces and platinum have disappointed Rand investors today. Although rising slightly at the time of writing, the price of platinum is still trending close to its historically-low 2008 level. The cost of gold has been similarly low, rising and falling sporadically while scarcely edging above the slump-levels seen during the Asian Stock Market Crash at the end of August this year.
GBP/ZAR Exchange Rate Forecast: ZA Data to Begin Tomorrow, UK Results Considered Higher-Impact
Tomorrow will see economic releases from both the UK and South Africa, although the Pound (GBP) has a distinct advantage over the Rand (ZAR) when it comes to quantity and quality of relevant ecostats.
The only Rand data, the Foreign Exchange Reserves figure for September, is due early; no predictions have been attached to it. Later on, the UK Industrial and Manufacturing results for August are due in, along with the NIESR’s GDP Estimate for September.
Current GBP, ZAR Exchange Rates
The Pound Sterling to South African Rand (GBP/ZAR) exchange rate was trending in the region of 20.7000 and the South African Rand to Pound Sterling (ZAR/GBP) exchange rate was trending in the region of 0.0483 today.
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