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South Africa’s net reserves fall to $41.275 bln in March

JOHANNESBURG (Reuters) – South Africa’s net gold and foreign exchange reserves fell to $41.275 billion in March from $41.923 billion in February, data from the Reserve Bank showed on Thursday. Gross reserves were also down at $46.437 billion from $47.19 billion and the forward position, which represents the central bank’s unsettled or swap transactions, fell to $2.702 billion from $2.771

South Africa’s rand at three-week high against dollar on EM rally

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand rode the wave of an emerging market rally on Tuesday, extending gains to a new three-week high to a U.S. currency weighed down on expectations the Federal Reserve will delay an interest rate hike to September. By 1506 GMT the rand had firmed 0.5 percent to 11.8500 per dollar, having strengthened to as much as 11.8000 in the session before pulling back as weak Chinese manufacturing data restricted EM…

South Africa’s rand rides on euro gains versus dollar

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand steadied versus the dollar after pushing firmer than the 12.00 mark overnight, helped by a stronger euro after the Federal Reserve signalled last week that U.S. rates would rise very gradually. A less aggressive than expected policy tightening cycle by the Fed would boost high-yielding emerging currencies such as the rand, even as South Africa’s own central bank is expected to keep its key repo rate unchanged on Thursday….

South Africa’s rand firms as dollar bulls take back seat

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand strengthened against the U.S. dollar on Friday, shaking off a credit downgrade to state electricity company Eskom as emerging markets currencies took advantage of a weaker greenback. At 1529 GMT the rand firmed 1.9 percent to 12.0650 per dollar, having earlier hit a session high of 12.0520. The euro was headed for its best weekly performance against the dollar in more than two years, following a surprisingly dovish statement…

South Africa’s rand steady before Fed statement

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand steadied against the dollar early on Wednesday, with markets waiting for the U.S. Federal Reserve’s policy statement for clues on when the Fed will hike interest rates.The rand was also under pressure after optimism provided by a narrowing of the current account deficit in the fourth quarter of 2014 was overshadowed by signs of foreign capital flight.At 0615 GMT the rand was trading at 12.3735 to the dollar, not…

South Africa’s current account deficit narrows as exports pick up

Posted on by The Editorial Team

PRETORIA (Reuters) – The shortfall on South Africa’s current account deficit narrowed more than expected in the final quarter of 2014 as exports rose on reduced strike activity and improved conditions in some export destinations, the central bank said on Tuesday.In its latest quarterly bulletin, the South African Reserve Bank said the more competitive exchange value of the rand during the fourth quarter had also helped ease the deficit.The deficit shrank to 5.1 percent of…

South Africa’s Q4 spending growth slows to annualised 0.3 pct

Posted on by The Editorial Team

PRETORIA (Reuters) – Spending in South Africa grew at an annualised 0.3 percent in the fourth quarter of 2014 after rising 3.2 percent in the prior quarter, with slowed government spending offsetting accelerated growth in household spending, the central bank said on Tuesday.The Reserve Bank said in its quarterly bulletin that spending by the government increased at an annualised 1.0 percent in the final quarter against 1.4 percent in the third quarter.However, household spending grew…

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