Covid-19 resurgence in Europe smashes South African rand off its pedestal
The rand slumped to R16.89 to the US dollar by late afternoon on Monday.
The South African currency until recently traded at R16.09, its strongest level in half a year.
A global emerging market selloff sent the rand tumbling.
Traders are spooked about a resurgence of Covid-19 across much of Europe.
Arabile Gumede (in for The Money Show’s Bruce Whitfield) interviewed Bianca Botes of Peregrine Treasury Solutions.
It’s definitely a bloodbath out there on the local currency markets today…Bianca Botes, Peregrine Treasury Solutions
The Euro came under significant pressure today… The market expects the Fed to continue stimulating…Bianca Botes, Peregrine Treasury Solutions
Europe is potentially going into another lockdown…Bianca Botes, Peregrine Treasury Solutions
We see quite a bit of foreign money coming in… appetite for the yield we offer, regardless of risk… Cutting rates further may not do much for the economy, but it may erode this yield…Bianca Botes, Peregrine Treasury Solutions
The next target would be R17/$...Bianca Botes, Peregrine Treasury Solutions
Listen to the interview in the audio below.
Source : https://cdn.pixabay.com/photo/2016/02/24/05/55/african-currency-1219146_960_720.jpg
An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.Read More
Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.Read More
You can buy R1 (or even one cent) worth of shares. "The key to getting started is to get started," says Charles Savage.Read More
Need new wheels? WesBank’s Lebogang Goaaketse discusses a popular method for making repayments more affordable.Read More
Distressed properties on auction are going for a song. Bruce Whitfield interviews property economist Francois Viruly.Read More
"It’s mandatory for medical schemes to pay for for the Covid-19 vaccine," says Dr Ryan Noach, CEO at Discovery Health.Read More
Investors are getting ahead of themselves, warns Pieter Hundersmarck, a fund manager at Flagship Asset Management.Read More
Bruce Whitfield interviews Tinashe Ruzane of FlexClub, where you can choose from a variety of car subscriptions for a monthly fee.Read More
The Money Show’s Bruce Whitfield interviews Basil Sgourdos, CFO at Naspers.Read More
The Money Show’s Bruce Whitfield interviews Leon Lourens, CEO at Pepkor Holdings.Read More