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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Rand heads toward worst weekly performance of year following Greek turmoil

May 11, 2012 02:27 PM

Uncertainty in debt-riddled Greece dragged down the South African rand to its lowest value in nearly four months on Friday as the monetary unit drove toward its poorest weekly showing thus far in 2012, Bloomberg reports.

The monetary unit of the largest economy of the African continent fell as the Aegean nation continues to avoid defaulting on loan obligations. Following last weekend's election that left no clear victor, Greece also is in peril of removal from the euro currency bloc. Whether the country will adhere to austerity measure commitments also is unclear and causing panic.

"The prevailing uncertainty will continue to weigh on the euro and other risky assets, while continuing to lend support to the dollar. Therefore, the rand's weakening bias will persist into the weekend," according to an email to Bloomberg by currency strategist Nomvuyo Guma with Standard Bank Group in Johannesburg.

The nations of the euro zone purchase more than 20 percent of exports from South Africa, making the African nation sensitive to regional developments and challenges.

For the second consecutive week on Friday, South Africa did not encounter strong results during an inflation-linked bond sale, according to Reuters.

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