Whilst the US Dollar strengthens amid speculation that the Federal Reserve will increase rates in the near-future, the Pound Sterling to South African Rand (GBP/ZAR) exchange rate advanced by around 0.38%.
The Pound Sterling to South African Rand exchange rate is currently trending in the region of 17.4560.
The British Pound has edged higher against many of its major peers after retail data printed in line with expectations. The BRC Shop Price Index equalled the previous figure of -1.9%.
Yesterday…
As the US Dollar surges against the majority of its most traded currency rivals, the Pound Sterling to South African Rand (GBP/ZAR) exchange rate strengthened by around 0.20%. Sterling, meanwhile, has declined against many of its major peers as a result of cooling construction output. As well as softening under the weight of an advancing US Dollar, the South African Rand has declined against many of its rivals after vehicle sales dipped.
The Pound Sterling to South African Rand exchange rate is currently trending in the region of 17.3440.
Pound (GBP) Declines on Construction Output
In the wake of disappointing data showing a cooling in November’s construction output, the Pound has softened against the majority of its currency rivals. The Markit UK Construction PMI came in at 59.4, down from the previous figure of 61.4 and below the median market forecast of 61.0.
Tim Moore, Senior Economist at Markit, stated; ‘Looking ahead, construction firms are optimistic overall about their growth prospects for the next 12 months, reflecting strong confidence that positive spending patterns will continue. However, some construction companies noted that uncertainties ahead of next year’s general election had weighed on business confidence and influenced clients’ willingness to commit to new projects.’
The Pound Sterling to South African Rand exchange rate has fallen to a low today of 17.2300.
South African Rand (ZAR) Softens on Vehicle Sales
The South African Rand softened against many of its major peers on Tuesday as a result of a disappointing result from the solitary South African data publication. Total New Vehicle Sales was forecast to decline from 59109.00 to 55102.15, but the actual result dropped to 51098.00.
Pound Sterling to South African Rand (GBP/ZAR) Exchange Rate Forecast to Strengthen
With speculation that Wednesday’s British services data will print positively, the Pound has the potential to advance. The Services PMI is forecast to increase from 56.2 to 56.5. A complete absence of South African data on Wednesday will see the Rand subject to changes in foreign currency movement.
The Pound Sterling to South African exchange rate has advanced to a high today of 17.3360.
South African Rand (ZAR) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
South African Rand,
,US Dollar,0.0905,
South African Rand,,Euro,0.0728,
South African Rand,,Pound,0.0578,
South African Rand,,Australian Dollar,0.1071,
US Dollar,,South African Rand,11.0410,
Euro,,South African Rand,13.7343,
Pound Sterling,,South African Rand,17.3053,
Australian Dollar,,South African Rand,9.3307,
[/table]
