After South African mining production increased significantly, the Pound Sterling to South African Rand (GBP/ZAR) exchange rate was little changed. Meanwhile, a solitary British data publication on Thursday has printed negatively, causing the Pound to extend declines against the majority of its most traded currency competitors.
The Pound Sterling to South African Rand exchange rate is currently trending in the region of 17.6450.
UK Data Hurts the Pound (GBP)
Thursday’s only British economic data has produced a disappointing result. The RICS House Price Balance fell beyond the median market forecast of a decline from 30% to 25%, with the actual result falling to 20%.
‘The flatter trend in the market is partly a reflection of potential buyers becoming a little more cautious … as more stringent lending criteria has made it harder to access mortgage finance,’ said RICS economist Simon Rubinsohn. ‘However, with new instructions still flat … it seems implausible that the dip in demand will result in very much of a decline in house prices,’ he added.
The Pound Sterling to South African Rand exchange rate has dropped to a low today of 17.5600.
South African Mining Production Boosts Rand (ZAR)
South African data on Thursday has printed positively, allowing the South African Rand to appreciate against many of its most traded currency rivals following the losses recorded on Wednesday after domestic retail sales fell flat. Year-on-year Mining Production increased from -9.2% to 5.3%. Monthly Mining Production rose from -2.3% to 7.0%.
Pound Sterling to South African Rand (GBP/ZAR) Exchange Rate Forecast to Fluctuate
Given that the huge increase in South African mining production has only seen the Rand edge a little higher against the Pound, it is possible that the GBP/ZAR exchange rate will advance. That being said, the potential of the South African Rand is likely to be closely linked to the performance of the US Dollar. Should today’s US jobs figures disappoint and the US Dollar soften, traders are likely to invest in emerging market currencies like the Rand.
The Pound Sterling to South African Rand exchange rate has reached a high today of 17.7020.
UPDATE
GBP/ZAR Exchange Rate Softens on Mining Production
The Pound Sterling to South African Rand exchange rate is currently trending in the region of 17.6350.
In the immediate aftermath of the South African mining data, the Pound to South African Rand exchange rate was little affected. However, as traders have digested the impressive South African data, the Rand has extended its advance against the Pound, and the GBP/ZAR exchange rate has softened by around -0.11%.
GBP/ZAR Exchange Rate Dives on Lack of Data
The Pound Sterling to South African Rand exchange rate is currently trending in the region of 17.5860 having softened by around -0.39%. With a complete absence of South African data on Friday, the Rand will be subject to foreign currency movement.
With a distinct absence of domestic data to curb the trend, the Pound to South African Rand exchange rate has continued to decline over the course of Thursday. Should Friday’s British Construction Output data print positively, the GBP/ZAR exchange rate should recover Thursday’s losses.
GBP/ZAR Exchange Rate Softens ahead of UK Data
The Pound Sterling to South African Rand exchange rate is currently trending in the region of 17.5900.
As trader await British data, due for publication later on Friday morning, the Pound Sterling to South African Rand exchange rate has softened by around -10%. Although British Construction Output will have little influence over wider market movement, as the only British data publication on Friday it will determine the general trend of the Pound.
The South African Rand, meanwhile, will see movement dictated by foreign currency changes due to a complete absence of domestic data to drive momentum.
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,0.0893,
South African Rand,,Euro,0.0717,
South African Rand,,Pound,0.0567,
South African Rand,,Australian Dollar,0.1020,
US Dollar,,South African Rand,11.1878,
Euro,,South African Rand,13.9475,
Pound Sterling,,South African Rand,17.6366,
Australian Dollar,,South African Rand,9.7974,
[/table]
