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Pound Sterling Crashes against South African Rand (GBP/ZAR) Today after Unexpected ZA Windfall
Published: 17 Feb at 4 PM Tags: Pound Sterling, Currency Exchange, Euro Crisis, Rand Exchange Rate, UK, Inflation,
<h2>UK Currency may Rise Again This Week after Friday’s Borrowing Stats Come In</h2>
Pound Sterling has progressively worsened against the South African Rand over the course of this week; Sterling initially began on a high of 23.0462 that came from a rise from 6.5% to 7.2% for the UK’s Rightmove house prices on the year in February, but was since let down by an economic announcement a day later.
This was yesterday’s consumer price index for January, which eventually sent the Pound into a downspin against its rivals despite the base annual printing rising from 0.2% to 03%, the best result on the year for the UK. The more detrimental news was that the core annual result fell from 1.4% to 1.2% against predictions of movement to 1.3%.
Today has seen little of benefit for the Pound, as while Prime Minister David Cameron has apparently managed to garner some referendum approval from EU leaders ahead of Thursday’s summit, this has not entirely negated the effects of earlier UK news.
The damaging data in question was the ILO unemployment rate for the three months to the end of December, which remained at 5.1% against forecasts of a drop to 5%.
No UK data is out tomorrow, therefore the next GBP movement is likely to come tomorrow from any significant referendum announcements, or any particularly beneficial outcomes from Friday’s January retail sales or borrowing ecostats.
<h3>Rand Jumps Up Today as Domestic Data Overrides Earlier Discontent</h3>
While the value of the South African Rand has been lessened recently due to growing concerns over the competency and apparent corruption of President Jacob Zuma’s administration, the Rand has nonetheless shot up today thanks to better-than-expected economic publications concerning inflation and retail sales in January and December respectively.
In the former case, inflation has risen from 0.3% to 0.8% on the month, from 5.2% to 6.2% on the year and for the core variant, an increase from 5.2% to 5.6% was also seen.
The Rand was further bolstered by the later retail sales figures, which have seen a rise from 3.8% to 4.1% on the year. While the monthly result actually dropped from 2.4% to -0.9%, this lesser printing was not enough to dissatisfy investors today.
No South African data is due until next week, therefore the only remaining movements of the Rand are likely to come from the fluctuating prices of precious metals such as gold, platinum and copper.
Pound Sterling has progressively worsened against the South African Rand over the course of this week; Sterling initially began on a high of 23.0462 that came from a rise from 6.5% to 7.2% for the UK’s Rightmove house prices on the year in February, but was since let down by an economic announcement a day later.
This was yesterday’s consumer price index for January, which eventually sent the Pound into a downspin against its rivals despite the base annual printing rising from 0.2% to 03%, the best result on the year for the UK. The more detrimental news was that the core annual result fell from 1.4% to 1.2% against predictions of movement to 1.3%.
Today has seen little of benefit for the Pound, as while Prime Minister David Cameron has apparently managed to garner some referendum approval from EU leaders ahead of Thursday’s summit, this has not entirely negated the effects of earlier UK news.
The damaging data in question was the ILO unemployment rate for the three months to the end of December, which remained at 5.1% against forecasts of a drop to 5%.
No UK data is out tomorrow, therefore the next GBP movement is likely to come tomorrow from any significant referendum announcements, or any particularly beneficial outcomes from Friday’s January retail sales or borrowing ecostats.
<h3>Rand Jumps Up Today as Domestic Data Overrides Earlier Discontent</h3>
While the value of the South African Rand has been lessened recently due to growing concerns over the competency and apparent corruption of President Jacob Zuma’s administration, the Rand has nonetheless shot up today thanks to better-than-expected economic publications concerning inflation and retail sales in January and December respectively.
In the former case, inflation has risen from 0.3% to 0.8% on the month, from 5.2% to 6.2% on the year and for the core variant, an increase from 5.2% to 5.6% was also seen.
The Rand was further bolstered by the later retail sales figures, which have seen a rise from 3.8% to 4.1% on the year. While the monthly result actually dropped from 2.4% to -0.9%, this lesser printing was not enough to dissatisfy investors today.
No South African data is due until next week, therefore the only remaining movements of the Rand are likely to come from the fluctuating prices of precious metals such as gold, platinum and copper.
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Source: moneytransfer.co.uk