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The Sable International Rand Report

USD-ZAR AT THE TIME OF THIS REPORT: 14.3752

RANGE FOR THE DAY: 14.25/5500

EUR-ZAR 16.1596 | GBP-ZAR 18.5006 | AUD-ZAR 10.3579

EUR-USD 1.12390 | GBP-USD 1.28682

Brexit fears continue to dominate foreign exchange flows

Over the past week, we have not seen much happening out of South Africa from a data point of view. Gold and mining production have fallen, which is to be expected. The ZAR has been trading in an average range of 18.75 – 18.25 against the Pound. We are now sitting in the 18.50 region. Many of these foreign exchange flows arise from Brexit headlines.

In the US, we had the mid-term elections where the Republicans lost control of the house. This resulted in USD strength as soon as there was a known result. This USD strength has continued into the new week, which has pushed it into one of the best performers against the ZAR. Although one would expect the rate to be more in the 15 region, we have been in the mid-to-low 14's against the greenback. 

On the local front, it seems the markets aren’t phased by political events anymore, as new headlines from the local markets don’t move the ZAR all that much.

Brexit headlines dominate the foreign exchange markets, as the UK seeks to secure a deal by the end of November. This is the main risk factor that the UK faces in the short term.


MARKET HEADLINES


Investec Daily Outlook 13 November 2018


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Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services License issued by ASIC to deal in foreign exchange (1st Contact Group - AFS License number 335 126).

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