Keenan anticipates that some sectors, such as tourism and hospitality, will take longer to return to pre-Covid levels, while others such as property have shown signs of pent-up demand coming through in light of lockdowns being lifted. Phill Magakoe/Gallo Images via Getty Images, downgraded the country's last investment-grade sovereign credit rating. ... 2020. “We are going to have to really scrutinize the detail of the data rather than just the headline figure, to see what sectors are coming back and which sectors are still under a lot of pressure, and then taking it a step further to see how much these various sectors employ.”. JOHANNESBURG, Sept 21 (Reuters) - South Africa's rand firmed slightly early on Monday, poised to resume last week's stalled rally as demand for … “Added to that, we think the SARB (South African Reserve Bank) is close to the end of its cutting cycle, so we think the rand goes to 15.75 by the end of the year because all of the bad news is priced in, and we think we are in the recovery phase,” he added. The currency plummeted in late March as the coronavirus began to spread throughout the world, sending riskier markets into an historic tailspin. Despite losing around 5% to the rand over the past three months, the U.S. dollar is still up by more than 16.5% against Africa's most liquid currency since the turn of the year.

An index of banking stocks slid 1.7%, two days before a meeting of the central bank’s monetary policy committee. Published Wed, Sep 16 2020 8:50 AM EDT Updated Wed, Sep 16 2020 8:52 AM EDT. Before it's here, it's on the Bloomberg Terminal. © 2020 CNBC LLC. The South African rand will see a significant appreciation against the U.S. dollar by the end of the year, as much of the macroeconomic risk facing the country is already priced in, according to Absa CIB Head of Currency Strategy Mike Keenan. This website uses cookies to improve your experience. Have a confidential tip for our reporters? As of Wednesday afternoon, the rand was changing hands at around 16.3285 to the dollar. South Africa’s main stock index halts a two-day slump, rising 1.4% by 9:54 a.m. in Johannesburg, as dollar weakness lifts the rand, driving locally focused stocks like … South African GDP (gross domestic product) contracted by an annualized 51% in the second quarter, with the beginnings of a rebound anticipated in the third quarter as lockdown measures continue to ease. Waldo Swiegers | Bloomberg | Getty Images, Expect the U.S. dollar to trade 'relatively soft' over the short term: Goldman Sachs. These cookies do not store any personal information. Data is a real-time snapshot *Data is delayed at least 15 minutes. Emerging Markets on Edge as Goldman and Deutsche Bank Flag R... Treasuries Face High Bar for Yield Liftoff in Calmest-Ever T... Egypt Prepares to Issue Region’s First Green Sovereign Bond. The South African rand will see a significant appreciation against the U.S. dollar by the end of the year, as much of the macroeconomic risk facing the country is already priced in, according to Absa CIB Head of Currency Strategy Mike Keenan. Learn about what larger companies in South Africa need to know when it comes to foreign exchange during COVID-19 and beyond. Absa CIB Head of Currency Strategy Mike Keenan believes the currency will notch 15.75 by the end of the year. ... South Africa on September 17, demanding employment in the newly opened shops. Necessary cookies are absolutely essential for the website to function properly. The stock had climbed 10% in three days amid speculation that it could become a takeover for target for LVMH. As of Wednesday afternoon, the rand was changing hands at around 16.3285 to the dollar. Early Covid Treatments Could Be a ‘Bridge’ to Vaccine, Covid Doctors Find a Turning Point in Life-Threatening Cases, Jeffrey Gundlach Tells Realtors in Low-Tax States to ‘Give Me a Call’, Biden Now Predicted to Win 352 Electoral Votes: FiveThirtyEight, Saudi Arabia Sends Blue Ammonia to Japan in World-First Shipment, Investec Ltd. -4.1%, Standard Bank Group Ltd. -2.5%, Nedbank Group Ltd. -1.9%, FirstRand Ltd. -1.7%. Keenan anticipates that some sectors, such as tourism and hospitality, will take longer to return to pre-Covid levels, while others such as property have shown signs of pent-up demand coming through in light of lockdowns being lifted. "Added to that, we think the SARB (South African Reserve Bank) is close to the end of its cutting cycle, so we think the rand goes to 15.75 by the end of the year because all of the bad news is priced in, and we think we are in the recovery phase," he added.

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