The Pound Sterling (GBP) has risen by a minor amount against the South African Rand (GBP/ZAR) today, although given the low impact had by today’s UK data and the total lack of South African developments, the cause is instead likely to be the fluctuating US Dollar (USD).
UK Confidence Score due Tomorrow Morning along with High Impact US Data
Tomorrow will see the release of the stagnation-forecast UK Gfk Consumer Confidence Survey for December, along with the nation’s borrowing statistics for November. However, the greatest influencer on the GBP/ZAR exchange rate may be the later US Personal Consumption and GDP figures for the third quarter.
Earlier…
The Pound Sterling to South African Rand (GBP/ZAR) exchange rate has fallen somewhat today, mainly on account of the South African currency rising in value on precious metal prices.
GBP/ZAR Exchange Rate News: Sterling Levels out Today after CBI Printing
The Pound Sterling has risen by small amounts against a number of its competitors today, although the South African Rand (ZAR) has not been included in this number. Among the triumphs of the day have been 0.3% against the Australian Dollar (GBP/AUD), 0.7% against the Russian Ruble (GBP/RUB) and 0.8% against the Norwegian Krone (GBP/NOK). This fairing against the Rand is a marked contrast from last week’s advantageous position for Sterling.
The most notable UK data of late has been the CBI Reported Sales for December. While the figure has risen from 7 to 19, predictions had been for a result of 21.
Political Dissatisfaction Remains as South African Rand (ZAR) Otherwise Rallies
The South African Rand (ZAR) has held its ground against the Pound Sterling (ZAR/GBP) today, although asides from this the Rand has otherwise made little impact in other exchange rates.
The most positive factor at present has been the rising price of gold and platinum; this has been supportive towards the Rand and provided a welcome pillar of support in otherwise turbulent times for South Africa’s economic performance.
However, despite the assurance from new Finance Minister Pravin Gordhan that he will ‘direct and stabilise our ship’, tensions are rife over the actions that put him in the position. Many are still uncomfortable with President Jacob Zuma’s knee-jerk reactions to firing and hiring finance ministers and it remains to be seen if the South African economy will recover from such instability, despite Gordhan’s promises.
GBP/ZAR Exchange Rate Forecast: UK has Clean Sweep of Data against South Africa This Week
The UK will have the only source of direct input into the GBP/ZAR pairing this week, as the next South African data isn’t due until next Wednesday. As it stands, tomorrow will bring the UK Gfk Consumer Confidence Survey for December, which was expected to remain stagnant at 1 point at the time of writing.
Looking further ahead, UK Borrowing data will be out later on in the day, with the current predictions seeing a rise in Public Sector Net Borrowing for November from £7.5bn to £11.1bn.
Current GBP, ZAR Exchange Rates
The Pound Sterling to South African Rand (GBP/ZAR) exchange rate was trending in the region of 22.4600 and the South African Rand to Pound Sterling (ZAR/GBP) exchange rate was trending in the region of 0.0445 today.
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