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Yesterday, the South African rand weakened against its major counterparts, amid renewed concerns about labour unrest in South Africa’s mining sector, after reports suggested violence at an Anglo American Platinum mine. Trading activity was relatively subdued, as US markets were closed on account of a holiday.
The yield on benchmark government bonds rose yesterday. The yield on the 2015 bond rose to 5.35%, while that for the longer-dated 2026 issue advanced to 7.30%.
At 06:00 SAST, the US dollar is trading 0.1% lower against the South African rand at R8.8826, while the euro is trading 0.1% lower at R11.8537. At 06:00 SAST, the British pound is trading 0.1% lower against the South African rand at R13.7350.
Yesterday, the euro advanced against most of the major currencies. The European Central Bank President, Mario Draghi, in his testimony to the European Parliament's committee on economic and monetary affairs, warned that that the economy is still weak and will only recover slowly later in the year. Meanwhile, markets await the German ZEW economic sentiment data to be released later in the day for further direction to risk appetite.
At 06:00 SAST, the euro slipped 0.1% against the US dollar to trade at $1.3344, while it has marginally weakened against the British pound to trade at GBP0.8630.
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