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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 rallies as commodities forecast to climb

Apr 03, 2012 10:10 AM

Tuesday saw the South African rand continue its rally against the world's reserve currency as it notched a third-straight day of gains, Bloomberg reports.

Strong economic data from the Chinese service industry and better-than-forecast U.S. manufacturing estimates boosted the value of the monetary unit of the largest economy on the African continent. A U.S. factory estimate increased to 53.4 in March after having registered at 52.4 during the month prior. China saw a non-manufacturing purchasing managers' index grow to 58 in March.

"Nothing much has happened today - I haven't seen big-ticket trading going through but the rand could have been a major contributor (to bond gains)," trader Alvin Chawasema with Renaissance Capital told Reuters. "The highlight for me today has been the moves on the curve. Surprisingly the back end is slightly better bid despite more paper to be issued on the longer end at tomorrow's auction."

Gold futures are forecast to climb, akin to other commodities. That is likely to impact the rand's performance since commodities are 65 percent of South Africa's exports.

Thus far this year, the value of the rand has gained roughly 4 percent against the greenback, according to Reuters.

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