Covid-19 resurgence in Europe smashes South African rand off its pedestal
The rand slumped to R16.89 to the US dollar by late afternoon on Monday.
The South African currency until recently traded at R16.09, its strongest level in half a year.
A global emerging market selloff sent the rand tumbling.
Traders are spooked about a resurgence of Covid-19 across much of Europe.
Arabile Gumede (in for The Money Show’s Bruce Whitfield) interviewed Bianca Botes of Peregrine Treasury Solutions.
It’s definitely a bloodbath out there on the local currency markets today…Bianca Botes, Peregrine Treasury Solutions
The Euro came under significant pressure today… The market expects the Fed to continue stimulating…Bianca Botes, Peregrine Treasury Solutions
Europe is potentially going into another lockdown…Bianca Botes, Peregrine Treasury Solutions
We see quite a bit of foreign money coming in… appetite for the yield we offer, regardless of risk… Cutting rates further may not do much for the economy, but it may erode this yield…Bianca Botes, Peregrine Treasury Solutions
The next target would be R17/$...Bianca Botes, Peregrine Treasury Solutions
Listen to the interview in the audio below.
It’s National Wills Week – you have until Friday (30 October) to get a professional to draw up or update your will at no charge.Read More
From side hustles to investment income; Mduduzi Luthuli (Luthuli Capital) on creating multiple streams of income.Read More
"The money mistakes we make are real, but they are not unique – we all make them," says Potgieter.Read More
What is "social signalling?" Gushwell Brooks interviews Mduduzi Luthuli, a cofounder at Luthuli Capital.Read More
"What the IRR is doing is not in the best interest of the savers of SA," Wierzycka told The Money Show's Bruce Whitfield.Read More
How much "risk" you should take on depends on your investment timeframe, says Certified Financial Planner Paul Roelofse.Read More
Make use of any rand rally to fill up on foreign currency requirements, suggests Bianca Botes (Peregrine Treasury Solutions).Read More
Veteran stockbroker David Shapiro schools The Money Show’s Bruce Whitfield on investing post-Covid and into the next few years.Read More
"The Toyota Starlet makes enormous sense," says motoring journalist Ciro de Siena. Got R204 900?Read More
There’s a glut of properties on the market - should you take advantage? Pieter Koekemoer warns against getting carried away.Read More