FX | - Part 4

South Africa’s rand steadies, market awaits MPC

JOHANNESBURG (Reuters) – South Africa’s rand was largely steady on Monday, with direction likely to be driven by global market moves as investors speculate on the timing of policy tightening in the United States. On the domestic front, market players anticipated few ripples from the South African Reserve Bank’s interest rate decision on Thursday, where the benchmark repo rate will likely stay unchanged at 5.75 percent. At 0631 GMT, the rand was just 0.16 percent…

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…

Zambia central bank to address volatile kwacha

Posted on by The Editorial Team

LUSAKA (Reuters) – Zambia’s central bank will take measures to deal with the volatility in the kwacha’s exchange rate against the dollar, including tightening liquidity in the market, new Governor Denny Kalyalya said on Friday. The kwacha turned on his comments, firming by 1.3 percent to 7.55, having earlier fallen more than 1.1 percent against the greenback. The currency weakened to a record low of 7.7500 on Thursday. The local unit has fallen about 20…

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…

How to make the most of strong trends with breakouts

Posted on by The Editorial Team

WITH trends picking up steam over the last couple of months, we have seen the return of an old and familiar trading strategy: breakouts. The breakout was one of the first trading techniques I learned and it’s one of the easiest to understand. The idea is that the price trend of the asset we want to trade will remain in place. When the trend is bullish, we should buy when price breaks out above a…

Kenyan shilling flat, focus on possible central bank action

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was treading water at near 3-year lows on Tuesday, with pressure from a globally strong dollar offset by the possibility that the central bank may intervene for the second straight day to support the local currency.The shilling was trading at 92.05/15 against the dollar at 0720 GMT, unchanged from Monday’s close. The central bank sold an undisclosed amount of dollars on Monday when the shilling touched its lowest level since…

South Africa’s rand still vulnerable after Fitch warning

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand recouped some of the previous day’s sharp losses on Wednesday, but remained on shaky ground after Fitch ratings agency warned of a possible credit downgrade this year.At 0714 GMT the local unit was trading at 11.7600 to the dollar, from Tuesday’s New York close at 11.7615. The local unit had fallen nearly 1 percent to 11.8175 on Tuesday, the softest it has been since Feb. 12 according to Thomson…

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