We once again managed to trade sideways, as most companies are probably busy with budget and strategy meetings. Local importers and exporters showed little interest in the currency markets yesterday. Most traders are still trying to figure out what impact the Soccer World Cup will have on the local currency. For now we remain in tight ranges until fresh economic indicators give some direction to the currency markets.

Developed countries may slip back into recession if they abandon strategies deployed to battle the global financial crisis too early, the head of the International Monetary Fund warned on Monday. Recovery in private demand and employment are necessary conditions for governments to begin unwinding policies designed to support their economies, though the right timing depends on specific conditions in each nation, Dominique Strauss-Kahn said. “Recovery in advanced economies has been sluggish,” he told reporters in Tokyo. “We have to be cautious because the recovery has been fragile.” Marek Belka, the head of the IMF’s European department, echoed Strauss-Kahn’s comments, saying the continent’s economy was not yet on solid ground. Current levels Rand / Usd 7.3800-7.4300 Rand / Euro 10.6200-10.6700 Rand / Sterling 12.1000-12.1500 Jpy / Rand 12.20-12.25 Jpy / Usd 90.43 Usd / Euro 1.4388 Gbp / Usd 1.6400 Gold $1 136.00 Expected ranges Rand / Usd 7.3500-7.5500 Rand / Euro 10.5500-10.7500 Rand / Sterling 12.0000-12.2000 Jpy / Rand 12.10-12.30 ]]> http://rdgbrokers.co.za/2010/01/budgetsoccer-world-cup/feed/ 0 http://rdgbrokers.co.za/2009/08/dollar-strengthens/ http://rdgbrokers.co.za/2009/08/dollar-strengthens/#comments Fri, 07 Aug 2009 09:32:09 +0000 RDG Brokers http://rdgbrokers.co.za/?p=218 South Africa’s rand broke above 8.00/$ yesterday, triggering stop loss orders causing the local unit to weaken close to 8.10/$. The euro which is seen as our major trading currency weakened against the dollar giving traders a reason to sell rand. The market has been good to both importers and exporters who has been patient, trading the 7.70/$ to 8.30/$ range. While market players got excited about the MTN/Bharti transaction generating between 2 to 4 billion dollars inflow, how about 2 million tourists coming to the soccer world cup next year spending each only R 30 000, the sum is quite a large inflow?

The dollar edged lower against a basket of currencies in a subdued market on Friday with investors largely staying on the sidelines ahead of key jobs data in the United States. The Australian dollar rose briefly after the Reserve Bank of Australia, which raised its growth forecast in a quarterly monetary policy statement, said interest rates could be expected to rise to more normal levels over time should the economy continue to improve.

Current levels
Rand / Usd
8.0500-8.1000
Rand / Euro
11.5500-11.6000
Rand / Sterling
13.5000-13.5500
Jpy / Rand
11.55-11.60
Jpy / Usd
95.40
Usd / Euro
1.4355
Gbp / Usd
1.6769
Gold
$961.00
Brent
$74.80
Expected ranges
Rand / Usd
7.9000-8.1000
Rand / Euro
11.4500-11.6500
Rand / Sterling
13.4000-13.6000
Jpy / Rand
11.50-11.70