'The dollar is just a steamroller.' Rand back at R19/$

  • 📰 Fin24
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 63%

South Africa Headlines News

South Africa Latest News,South Africa Headlines

The dollar rose to a new 10-month peak against a basket of major currencies on Tuesday as US bond yields hit their highest level since October 2007.

The rand hit R19/$ after strengthening to below R18.70 over the past week. The currency has now lost 6% of its value over the past year.

His comments helped push up the yield on the 10-year U.S. Treasury - the benchmark US yield that sets the tone for borrowing costs around the world - to 4.566% on Tuesday. Bond yields move inversely to prices. The euro was last up 0.1% against the dollar at $1.0596, having hit its lowest since March at $1.057 earlier in the session."The dollar is just a steamroller, it's absolutely extraordinary," said Joe Tuckey, head of FX analysis at broker Argentex.

James Malcolm, head of FX strategy at UBS, said of Japanese officials:"In terms of all of the tell-tale signs they've done everything they possibly could do."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 21. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rand Report: Rand strengthens despite global headwindsThe Rand had a strong week compared to the G10 currencies. Gaining against the New Zealand Dollar and the Swiss Franc (CHF), it did well.
Source: TheSAnews - 🏆 25. / 59 Read more »

South African rand slumps on surging US Treasury yieldsThe South African rand weakened on Tuesday on the back of a surge in U.S. Treasury yields as investors turned away from riskier assets, analysts said.
Source: ReutersAfrica - 🏆 31. / 53 Read more »

Rand weakens at start of busy data weekIn early trade the rand was at R18.89 to the dollar.
Source: Moneyweb - 🏆 5. / 77 Read more »

SIU to probe multi-million rand Rooiwal Wastewater Treatment Works tenderThe Special Investigating Unit (SIU) says it is ready to probe a R290-million tender linked to businessman, Edwin Sodi, for refurbishments of the Rooiwal Waterwater Treatment Plant in Tshwane.
Source: SABCNews - 🏆 37. / 51 Read more »

Mamelodi Sundowns Bathusi Aubaas debuts million-rand rideBathusi Aubaas has become the newest sensation at Mamelodi Sundowns and took to social media to debut his million-rand ride.
Source: TheSAnews - 🏆 25. / 59 Read more »

Rand Water respond to calls for CEO to step downA petition to remove Rand Water CEO has over 6,000 signatures.
Source: TheCitizen_News - 🏆 6. / 75 Read more »