The Pound Sterling to South African Rand (GBP/ZAR) exchange rate has reached a stalemate, although against most other rivals the Pound (GBP) has been making healthy gains.
GBP/ZAR Exchange Rate News: Sterling Lifeless against the Rand, Gains Ground Elsewhere Thanks to UK Data
The Pound Sterling (GBP) has made no headway against the South African Rand (GBP/ZAR) today, but beneficial Sterling data has allowed the UK currency to solidify its advances in other pairings. The most prominent of these gains have been by more than 0.3% against the Euro (GBP/EUR) and the Indian Rupee (GBP/INR) and 0.6% against the Swiss Franc (GBP/CHF); losses have been represented by -0.5% against the Mexican peso (GBP/MXN), -0.7% against the New Zealand Dollar (GBP/NZD) and -0.8% against the Australian Dollar (GBP/AUD).
Positive Pound-centric data today has seen a smaller-than-expected fall in the Markit Manufacturing PMI for September and the news that UK growth is currently exceeding levels prior to the financial crisis of the late 2000s. This latter boost to Sterling morale came courtesy of the Office of National Statistics (ONS).
Signs of Precious Metal Stabilisation allow Minor Rand Rally in ZAR/GBP Exchange Rate Today
The South African Rand (ZAR) has held its ground against the Pound Sterling (ZAR/GBP) today, owing mainly to a supportive development in the prices of South Africa’s precious metal exports, as opposed to any dramatically positive domestic data. The Rand received mixed minor Credit and Trade data yesterday, but today has seen the release of the Barclays Manufacturing PMI for September, which has risen fractionally from 48.9 to 49.
More notably, since the price of platinum nosedived last week as the Volkswagen scandal ballooned in scale, the cost has risen slightly today, moving from below $910 to just above $911. The price of gold per 100 ounces has not echoed this improvement, although a slight softening of the precipitous drop in price has been seen recently. Platinum’s downfall last week was sparked by fears that the far-reaching impact of VW’s emissions falsification could spell the end of diesel cars, which rely on platinum as a key component of their catalytic converters.
GBP/ZAR Exchange Rate Forecast: UK Construction PMI to Shift Sterling Tomorrow, ZA Car Sales Due Today
The remainder of the week holds few direct releases for either the UK or South Africa. For the Pound (GBP), the Markit/CIPS Construction PMI for September is expected out tomorrow with a small rise from 57.3 points up to 57.5 on the cards. For the Rand (ZAR), the Total New Vehicle Sales figure for September is due in later today and in a supportive prediction for the Rand, a rise from 51055 previous to 51313 is expected. As always, any major metal price movements will also affect the pairing, with gold and platinum remaining key influencers.
Current GBP, ZAR Exchange Rates
The Pound Sterling to South African Rand (GBP/ZAR) exchange rate was trending in the region of 20.8760 and the South African Rand to Pound Sterling (ZAR/GBP) exchange rate was trending in the region of 0.0479 today.
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