Pound-Rand Forecast: Where Next For GBP Against ZAR Next Week?
However the Rand then faced some headwinds at the very end of the week as ZAR investors were unnerved ahead of a scheduled review of South Africa’s sovereign credit by Moody’s, amidst concerns it …
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April 13, 2021 - Written by James Fuller
Despite a lack of particularly strong South African data lately, the British Pound to South African Rand (GBP/ZAR) exchange rate has been struggling to recover from its worst levels since last week. Sterling remains broadly appealing, but was only able to advance more easily after today’s US data weakened market sentiment and made the South African Rand less appealing.
Last week saw broad losses for the Pound, and the South African Rand capitalised to knock GBP/ZAR to its worst levels since the beginning of the year. GBP/ZAR opened the week at the level of 20.27 before slumping and touching on that multi-month low of 19.90.
South African Rand is looking past the pandemic South African Rand is looking past the pandemic
Joe Perry April 1, 2021 5:24 PM
The South African Rand has been stronger for much of the last year, and that trend may continue. Share:
Last week, the South African Reserve Bank (SARB) left rates unchanged at a record low of 3.25%. They said that the path of recovery depends on the pace of vaccine rollout and the path of the coronavirus. Same story, different central bank. However, the SARB increased their 2021 GDP outlook to 3.8% from 3.6% and the 2021 inflation forecast to 4.3% from 4%. Since then, the South African Rand has gone bid as hasn’t looked back! South Africa’s manufacturing PMI for March (released today) rose to 57.4 vs 53 in February and an expectation of 55. It was the highest
March 11, 2021 - Written by Ben Hughes
Despite broad optimism that Britain’s economy will gain momentum, the British Pound to South African Rand (GBP/ZAR) exchange rate has been tumbling from its best levels this week. As the South African Rand is bolstered by global sentiment it continues to climb strongly today, and markets now await tomorrows slew of UK data and South African business confidence stats which could still cause a late-week shift in movement.
Last week saw GBP/ZAR open the week at the level of 21.05 and dip, before ultimately advancing and closing the week higher in the region of 21.26.
Summer fruit eclipsed by the shine of citrus
“I definitely expect that demand for citrus is going to be as great as last year and the reason behind that, is Covid,” says Lyndsay Roux of South African fruit exporter FabFresh, noting that the situation is graver than last year, given the more dangerous strain.
“The demand for vitamin C is still very strong and it’s been very good for citrus producers. I believe that it’s going to be a very very good year again.”
The crop is expected to be big, and demand will be there.
Last year, according to the Citrus Growers Association, South African citrus growers invested an estimated R3.7 billion (almost 210 million euros) in new orchard establishment and there are many new orchards coming into production.