South Africa's rand firmed on Wednesday, holding on to gains made in the previous session, as risk appetite improved after U.S. Treasury Secretary nominee Janet Yellen underscored the need for a huge stimulus to help the world's largest economy recover.
By Reuters Staff
(Updates throughout)
JOHANNESBURG, Jan 7 (Reuters) - South Africa’s rand slumped more than 2% against the dollar on Thursday, taking losses since last week to almost 5%, as investor sentiment soured badly on rising COVID-19 infections, a worrying public debt trajectory and the stronger dollar.
Citi said on Wednesday that it had scrapped a trade idea put in place just two days earlier that the rand would strengthen to around 14.53 versus the dollar, making a loss of 3.5% in the process.
By 1655 GMT the rand was trading at 15.4150 against the U.S. currency, down roughly 2.2% on the day.
Warren Venketas, an analyst at IG in Johannesburg, said a sharp spike in coronavirus infections overnight was a factor leading the rand to underperform emerging market peers. The rouble was down roughly 1.5% and the Turkish lira down 0.9%.
Britain reported a record number of deaths from COVID-19 on Wednesday, with 1,820 people dying within 28 days of positive coronavirus test, surpassing the previous peak set a day earlier, government data showed.
By Reuters Staff
Slideshow ( 3 images )
DUBLIN (Reuters) - The cost of transporting goods to Britain from Northern Ireland is set to rise as a result of the new post-Brexit regulatory border between the two parts of the United Kingdom, haulage firms said on Tuesday, with one planning to hike prices by 12%.
While Britain left the EU’s single market and customs union on Dec. 31, Northern Ireland has remained in both UK customs territory and the EU’s single market for goods, introducing checks and paperwork on goods moving from the rest of the UK.
As a result some British suppliers have reduced trade into the region, four hauliers told a Northern Irish parliamentary committee, meaning lorries are bringing empty trailers back from Britain without a return load to cover the cost of the journey.
U.S. President Donald Trump on Tuesday ordered a halt to removal of certain Venezuelans from the United States for 18 months, citing conditions in the South American country.