The Australian Dollar to South African Rand (AUD/ZAR) exchange rate has crashed today, on account of poor Australian data and incredibly supportive news out of South Africa.
The Australian Dollar (AUD) has been making mixed movement so far today, with the triggering factor being the recent estimation from Oxford Economics that an abrupt slowdown in China’s economy would likely send the Australian economy juddering into a brief but damaging recession.
‘Aussie’ gains today have included 0.2% against the Euro (AUD/EUR) and 0.3% against the Pound Sterling (AUD/GBP), while a loss of -0.3% against the Canadian Dollar (AUD/CAD) has also been recorded.
On a more concrete basis, investors in the Australian Dollar have been encouraged by yesterday night’s Westpac leading index for January, which moved from -0.3% to -0.04%.
The South African Rand (ZAR) has given an incredibly good account of itself today, having fought off the Australian Dollar (ZAR/AUD), Pound Sterling (ZAR/GBP) and US Dollar (ZAR/USD).
The day’s domestic data has been the biggest source of support for the Rand; inflation in January rose from 0.3% to 0.8% on the month and from 5.2% to 6.2% on the year, while the core figure also climbed from 5.2% to 5.6%. Retail Sales in December were less unanimous in their positivity; annual sales increased from 3.8% to 4.1%, while on the month they actually dipped from 2.4% to -0.9%.
The next South African economic publications aren’t due until next week, therefore the possibility remains that the Australian Dollar (AUD) will achieve a rise against the Rand (ZAR) before the weekend.
In addition to the price of precious metals having an influence on the value of the Australian currency, the last remaining Australian data (due tomorrow) is also sure to have an effect on the appeal of the ‘Aussie’.
This will mainly be comprised of the unemployment rate for January, which was forecast to remain at 5.8% at the time of writing, despite the full time employment change being predicted to rise by 13k persons.
Additionally, tomorrow will bring a speech from RBA Assistant Governor Malcolm Edey.
The Australian Dollar to South African Rand (AUD/ZAR) exchange rate was trending in the region of 11.1367 and the South African Rand to Australian Dollar (ZAR/AUD) exchange rate was trending in the region of 0.0897 today.
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