Good morning,
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On the wires…
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- The woman who nailed Matlala’s corrupt police tender is now top cop.
- ‘You can’t serve two bosses’ — ANC and SACP clash over independent election move.
- US special forces soldier arrested after allegedly winning $400,000 on Maduro raid.
- Pope Leo condemns Iran killing protesters after Trump social media attacks.
- TITLE RACE TIGHTENS: Arsenal face must-win clash with Newcastle.
- MADRID OPEN: Sabalenka fights rust to reach third round.
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Quote of the day
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“Never let a good crisis go to waste.” — Winston Churchill
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The indicators
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Indicator
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Price
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Change
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Ranges
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Indicator
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Price
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Change
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$ / R
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16.66
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+14
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16.40 – 16.75
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Gold $
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4 676
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-36
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€ / R
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19.45
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+10
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19.20 – 19.50
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Brent $
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106
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+8
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£ / R
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22.42
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+12
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22.20 – 22.55
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DOW
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49 310
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-0.36%
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AUD/R
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11.86
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+4
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11.65 – 11.95
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JSE Top 40
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108 597
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-1.47%
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€ / $
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1.1678
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-0.0022
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$ index*
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98.68
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+0.03
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UST 10 Year
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4.31%
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-0.01%
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Bitcoin $
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77 822
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-368
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Source: Reuters/ Investing.com
*The $ Dollar Index measures the value of the US Dollar against a basket of 6 foreign currencies including EUR, JPY, CAD, GBP, SEK and CHF.
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Currency crackdown…
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FXOne would like to thank ChatGPT Pro for its neutral contribution to the currency comment this morning.
Rand Weekly Summary (ZAR)
- The rand weakened over the week, with USD/ZAR moving from around R16.32/$ on 17 April to roughly R16.60/$ on 23 April.
- The rand also weakened against the major European currencies:
- GBP/ZAR moved from around R22.07/£ on 17 April to around R22.40/£ on 23 April.
- EUR/ZAR moved from around R19.21/€ on 17 April to around R19.45/€ on 23 April.
- Overall, the rand lost ground across USD, GBP and EUR, reflecting broader pressure on emerging market currencies.
Key drivers:
- The main driver was global risk-off sentiment, with investors becoming more cautious amid elevated geopolitical uncertainty.
- Middle East tensions supported safe-haven demand and kept pressure on risk-sensitive currencies such as the rand.
- Higher oil prices added further pressure, as South Africa is a net oil importer; higher oil prices can worsen inflation expectations and the trade balance outlook.
- The move was also amplified by broader US dollar strength, which typically weighs on emerging market currencies.
Local backdrop:
- Domestic factors were not the main driver this week.
- Local data and inflation developments were relatively neutral and did not provide enough support to offset the external pressure.
- The rand’s performance was therefore largely driven by global macro conditions rather than SA-specific news.
Bottom line:
- The rand weakened across the major currencies, depreciating by approximately 1.7% against the US dollar, 1.3% against the pound, and 0.9% against the euro over the week.
- This was driven mainly by global risk-off sentiment, higher oil prices, and broader dollar strength, rather than SA-specific developments.
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On the radar…
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- EUR – German Ifo Business Climate Index
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· ALL – Iran- US War
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Did you know?
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Both the oldest living man and the oldest living Chimpanzee are named João.
Have a Fantastic weekend!
Sibusiso Khalishwayo
