Wednesday saw the South African rand lose ground to the world's reserve currency as fallout from Fitch Ratings' warning to Italy about its credit rating, according to Bloomberg. As warned late last year, the ratings service is taking a close look at all sovereign nations in the euro zone and is expected to issue its… Read more.
South African Rand
The prospect of two key euro zone leaders meeting Monday to defend the strength of the common currency of the European Union helped the South African rand end three consecutive days of losses, according to Bloomberg. Chancellor Angela Merkel of Germany and President Nicolas Sarkozy of France, the region's respective biggest and second-biggest economic systems,… Read more.
Jobless claims' drop last week in the U.S. helped drive up the value of the South African rand on Thursday, according to Bloomberg. The monetary unit of the largest economic system in the African continent gained for its fifth session in the past six amid applications for unemployment benefits dropping to their lowest level since… Read more.
Serious doubts about the two-day European Union summit delivering a solution to the sovereign debt scourge pulled down the monetary unit of the South African rand on Wednesday, according to Reuters. The currency of the nation hosting the African continent's top economic system endured its steepest fall in two weeks as a consequence of waning… Read more.
Wednesday saw the South African rand advance to a fourth straight day session of gains against the U.S. dollar, Bloomberg reports. The advances of the monetary unit of Africa's largest economy were propelled by a report stating orders of capital goods from the U.S. grew the most in three months. That left South Africa optimistic… Read more.
Increased pressure on euro zone officials to solve the sovereign debt crisis prompted the Japanese yen and the U.S. dollar to drop in value as global stocks rallied following officials' efforts to address the crisis and prevent the contagion from further spreading, according to Bloomberg. Three currencies that advanced against the world's reserve currency are… Read more.
Surging demand for gold is occurring throughout the globe as debt turmoil is driving the commodity's price higher, Bloomberg reports. Acquisitions of the precious metal are driving higher in Greece, which is preparing to receive a second tranche of emergency bailout aid. Krugerrands are selling the most in about 12 months from a South African… Read more.
Three Republican senators introduced legislation to eliminate a tax burden on gold and silver coins used as legal tender, according to a press release. The Sound Money Promotion Act was filed late last month by Jim DeMint of South Carolina, Rand Paul of Kentucky and Mike Lee of Utah, which was the first state to… Read more.
For winning a bank promotion in Ghana, Eric Nii Yarboi Mensah will now have to decide what to do with a 2.2 pound bar of 24 karat gold, according to a published report. An attorney with the legal department o f the Ghana Revenue Authority, he won Fidelity Bank's top prize and accepted the honors… Read more.