South African rand weakened after a week of gains: Shares edge higher

Reuters: The South African rand weakened on Monday, giving back some of the gains the currency made last week on hopes for the end of the U.S. Fed’s tightening cycle.At 1654 GMT, the rand traded at 18.3025 against the dollar, 0.25% weaker than its previous close. The rand has jumped around 2% against the greenback since the start of November.

Commonwealth Bank of Australia’s currency strategist Carol Kong said the forward guidance was slightly watered down, which was perceived as dovish, resulting in the Aussie quickly giving back its gains after an initial knee-jerk rally. The Aussie and the New Zealand dollar have rallied over the past few days after a benign U.S. jobs report led markets to price in rate cuts by the middle of next year, lifting risk appetite. The kiwi was off 0.15% at $0.59545.

The euro was down 0.07% to $1.0707, easing away from the eight-week peak of $1.0756 hit on Monday. Sterling was last at $1.2335, down 0.05% on the day, just shy of the seven-week high of $1.2428 it hit on Monday. The Japanese yen was at 150.23 per dollar back above the 150-level that has kept traders on edge in recent weeks as they look for signs of intervention from Tokyo. The yen hit 151.

The Bank of England also held interest rates, at a 15-year high of 5.25%, last week as it painted a gloomy picture of the UK economy. Gross domestic product data, due on Friday, is expected to show the UK economy shrank 0.1% in the third quarter after growing 0.2% in the three months to June.

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