Topics

Posted 8/24/2023, 3:26:00 PM

S.African rand falls as dollar rises ahead of Fed symposium

The South African rand weakened by 1% against the US dollar on the last day of the BRICS summit, due to the strength of the dollar ahead of the Federal Reserve's Jackson Hole symposium, while most emerging market currencies were also affected by concerns over hawkish posturing by central bankers.

reuters.com

Relevant topic timeline:

8/22/2023

Dollar eases before Jackson Hole, yen rises amid intervention jitters

The US dollar weakened slightly against major peers as traders awaited a speech from Federal Reserve Chair Jerome Powell, while the yen pulled away from a nine-month low and China's yuan briefly rose following attempts to bolster the currency.

8/22/2023

South African rand lifted by falling U.S. yields as BRICS summit kicks off

The South African rand strengthens against the US dollar as risk appetite returns to global markets due to falling US Treasury yields on the first day of the BRICS summit, although the summit is unlikely to provide significant or sustainable momentum until the bloc adopts implementable policies.

8/23/2023

EMERGING MARKETS-South African rand rises for fifth day after inflation data

Most emerging market currencies were subdued as investors awaited the U.S. Federal Reserve chair's speech, while South Africa's rand rallied after inflation slowed and China stocks fell despite a share buyback rush.

8/23/2023

South African rand extends gains after inflation slows

The South African rand strengthened nearly 2% against the U.S. dollar after July inflation data came in lower than expected and the dollar weakened.

8/30/2023

South African rand falls as dollar finds feet; credit extension slows

The South African rand weakened as the dollar rebounded and credit extension in the country slowed more than expected.

9/1/2023

Dollar unlikely to lose global dominance soon even as BRICS expand, BNY Mellon says

The dollar is not likely to lose its status as the global reserve currency despite the expansion of the BRICS group of nations and their aim to find an alternative, as technology and not commodity-based currencies are expected to be the driving force in the future.

9/1/2023

Canadian dollar posts biggest loss in 1 month as economy shrinks

The Canadian dollar weakened against the US dollar after data revealed that the country's economy unexpectedly contracted in the second quarter, reducing the likelihood of an interest rate hike from the Bank of Canada.

9/5/2023

South African rand slips as power cuts bite, GDP in focus

The South African rand weakened due to the country experiencing the worst power cuts on record and ahead of the release of second quarter GDP data.

9/5/2023

BRICS: U.S. Dollar 'Global Reserves' Drop Below 60%

The U.S. dollar's share in global reserves has fallen below 60% for the first time in decades, as other currencies like the Euro, Pound, and Yen are on the rise due to a growing number of countries settling trade in their national currencies, driven by the de-dollarization process initiated by BRICS to end reliance on the U.S. dollar.

9/14/2023

South African Rand Weakens Following Drop in Mining Output

The South African rand weakened against the dollar after mining figures showed a drop in production, contradicting analysts' predictions of an increase.

Topics

Posted 8/24/2023, 3:26:00 PM

S.African rand falls as dollar rises ahead of Fed symposium

reuters.com

Relevant topic timeline:

8/22/2023

Dollar eases before Jackson Hole, yen rises amid intervention jitters

8/22/2023

South African rand lifted by falling U.S. yields as BRICS summit kicks off

8/23/2023

EMERGING MARKETS-South African rand rises for fifth day after inflation data

8/23/2023

South African rand extends gains after inflation slows

The South African rand strengthened nearly 2% against the U.S. dollar after July inflation data came in lower than expected and the dollar weakened.

8/30/2023

South African rand falls as dollar finds feet; credit extension slows

The South African rand weakened as the dollar rebounded and credit extension in the country slowed more than expected.

9/1/2023

Dollar unlikely to lose global dominance soon even as BRICS expand, BNY Mellon says

9/1/2023

Canadian dollar posts biggest loss in 1 month as economy shrinks

9/5/2023

South African rand slips as power cuts bite, GDP in focus

The South African rand weakened due to the country experiencing the worst power cuts on record and ahead of the release of second quarter GDP data.

9/5/2023

BRICS: U.S. Dollar 'Global Reserves' Drop Below 60%

9/14/2023

South African Rand Weakens Following Drop in Mining Output

The South African rand weakened against the dollar after mining figures showed a drop in production, contradicting analysts' predictions of an increase.