South African rand steady as Trump calms market fears by adopting softer tone on Iran, Fed chair
The South African rand was steady in early trading on Thursday, after US President Donald Trump calmed market anxiety over potential US military action against Iran.
Like other risk-sensitive currencies, the rand often takes its cues from global drivers such as US policy.
At 0741 GMT it traded at 16.4050 against the dollar, unchanged from its previous closing level.
Trump said on Wednesday afternoon that killings during Iran's crackdown on nationwide protests were subsiding and suggested that he was adopting a wait-and-see posture toward the crisis.
The US dollar was slightly stronger against a basket of currencies, while gold prices trailed back as Trump's seemingly softer geopolitical tone dampened safe-haven demand.
He also said on Wednesday that he had no plans to fire Fed Chair Jerome Powell, despite the Justice Department criminal investigation, but added it was "too early" to say what he would ultimately do.
South Africa's local currency is expected to remain range-bound as traders continue to track developments on the unrest in Iran, the Fed's independence and a potential extension of the US trade preference programme, the African Growth and Opportunity Act (AGOA)
The US House of Representatives approved a three-year extension, but uncertainty remains over whether South Africa will be excluded, given strained diplomatic relations between Washington and Pretoria.
The bill will next go to the US Senate.
On the Johannesburg Stock Exchange, the Top-40 index was last up 0.4% in early trade.
South Africa's benchmark 2035 government bond was flat with the yield at 8.295%.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...
VISIT SHOWROOM
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
