The Markets | - Part 253

South Africa’s rand recovers as soft U.S. data weighs on dollar

JOHANNESBURG (Reuters) – South Africa’s rand strengthened against the dollar on Thursday as soft U.S. housing and jobs data weighed on the dollar, adding uncertainty over the timing of a rate rise from the Federal Reserve. At 1530 GMT, the rand was trading 0.61 percent firmer at 11.9925 to the dollar, compared with an overnight close of 12.0320 in New York. “The U.S. data is very soft, so thatâ€™s supporting the trend of slight bearing…

Templeton’s Mobius says good time to invest in Nigerian stocks

Posted on by The Editorial Team

LONDON (Reuters) – Veteran emerging markets investor, Franklin Templeton’s Mark Mobius said on Thursday that it was a good time to invest in Nigeria, which he sees as one of the most attractive frontier market destinations. “There are significant challenges ahead, but we believe the positives outweigh the negatives and think it’s a good time to invest in Nigeria – if we are patient and selective,” Mobius, who runs the Templeton Emerging Markets Trust said…

Kenyan shilling stays at 3-year-lows, central bank action eyed

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was hovering at three-year lows on Wednesday but avoiding a further slide due to expectations that the central bank could offer support by selling dollars. At 0800 GMT commercial banks quoted the shilling at 93.35/45 to the dollar, compared with 90.30/50 to the dollar at Tuesday’s close – a level last seen in November 2011. “Fundamentally, it looks weak. What’s keeping it from weakening further is the probability of the…

Morocco reduces euro’s weighting in its currency basket

Posted on by The Editorial Team

RABAT, April 13 (Reuters) – Morocco’s central bank has reduced the euro’s weighting in the currency basket used to set the dirham’s exchange rate, to reflect a fall in trade with the euro zone, it said on Monday. It is the first time in a decade that the bank has changed the basket’s weighting, aiming to make its currency regime more flexible, as recommended by the International Monetary Fund. The dirham is still mostly pegged…

South Africa’s rand, govt bonds weaker on dollar pressures

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand gave up its gains against the dollar on Friday, as the greenback strengthened with jobless claims data easing concern over the state of the U.S. economy. At 1448 GMT the rand was trading 0.32 percent softer at 11.9885 to the dollar compared with its closing level on Thursday. The rand hit an intraday low of 12.0580/dollar during the session, its weakest level since April 1. “It’s all dollar driven…

Zambia’s kwacha gains 3 pct on possible mining tax review

Posted on by The Editorial Team

LUSAKA (Reuters) – Zambia’s kwacha gained more than 3 percent against the dollar on Friday, boosted by expectations of changes to the copper producer’s mining royalty regime and reduced liquidity after a rise in statutory reserves. By 1429 GMT, the kwacha was trading at 7.2000 against the dollar, 3.16 percent firmer from its closing level on Thursday.”There is some correction on the kwacha after it over shot weaker yesterday,” said Zambia analyst Irmgard Erasmus of…

Nigeria to limit amount individuals can spend abroad on debit cards

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria’s central bank plans to limit the amount commercial bank customers can spend using their debits cards while abroad, an industry group said on Friday, in the latest crackdown on dollar demand to save its dwindling foreign reserves. The bank has been battling to prop up the naira after a sharp fall in the price of oil, Nigeria’s main export, which triggered a sell-off in assets by foreign investors. The Chief Executive…

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