Rand News Update │ Rand dip as USD recovers

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We publish this daily rand news update of the rand to dollar rates and factors which influence foreign exchange markets, to help you make better decisions whether you send money, receive money or want the latest money transfer news.

The South African rand dipped as the USD recovered after the release of U.S. Consumer Price Index data that did much better than expected. The foreign exchange markets have been trading with restricted ranges this past week. The improvement of the dollar is likely to only last for the short-term. The predicted trading range for the rand today is between 13.9500 and 14.4500.

The weakness of the rand is also closely affected by the spike of consumer prices which is causing concern that the central bank would reconsider its monetary policy and in turn shutting off a source of supply to riskier assets.

Asian shares declined on Thursday as gold prices increased. Investors are hoping that the U.S. Federal Reserve will keep interest rates as is, even though a spike in U.S. Treasury yields occurred after positive consumer prices data was released.

In cryptocurrency news, Tesla CEO Elon Musk, announced on Wednesday that is has suspended vehicle purchases using bitcoin, as concern over increasing use of fossil fuels used to mine bitcoin. After this announcement, bitcoin dropped with 5%. In February, Tesla bought $1.5billion bitcoin and said it would start accepting bitcoin as a payment method for its products.

https://www.cnbc.com/2021/05/12/elon-musk-says-tesla-will-stop-accepting-bitcoin-for-car-purchases.html

 Photo by Bermix Studio on Unsplash

At time of writing:

  • The Rand traded at 14.0947 versus the dollar.
  • GBP: 19.79
  • Euro: 17.03
  • Gold: 1815 USD
  • Bitcoin: 50 465 USD

To start sending and receiving money today, download the SFX app now on Android or iOS

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