Friday night ended on a high, with no dreaded downgrade from credit ratings agency Moody’s.
The announcement was greatly welcomed as it was supported with the outlook being changed to stable, which looks to restore some
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Credit Ratings Agency Moody’s shows us the light
SA “Moody” over inflation and dollar strength
The rand strengthened overnight despite US inflation and expected US interest rate hikes.
Future US inflation is predicted to break the Feds 2% target, forcing the powers that be to increase interest rates
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Resolute rand – The rand remains firm
The rand remains firm and opens the day below 11.80/$, spurred on by pro-rand events which transpired yesterday.
SA’s January manufacturing output rose by 2.5%, supporting the expectation that the domestic economy is gaining momentum.
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Trade war fears ease
The rand opens at 11.83/$ after emerging market currencies recovered overnight thanks to dollar weakness. The greenback weakened after Pres. Trump’s plans to impose tariffs on steel/aluminium imports took a big blow, with Democrats and Republicans being opposed to the idea (meaning the plan probably won’t become policy and a global trade war less likely)…
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Forget the bark, Powell bites!
US Fed chair Jerome Powell’s hawkish (very positive) testimony yesterday has sent the greenback on a mini-rally.
The dollar gained more than 1% against the majors as Powell expressed optimism that the US economy remains strong.
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