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Pound Sterling to South African Rand (GBP/ZAR) Exchange Rate Forecast to Edge Lower on South African Unemployment
Published: 29 Jul at 4 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Canadian Dollar Exchange Rate, Swiss Franc Exchange Rate, Euro Crisis, Rand Exchange Rate, Exchange Rates, Economy,
The British Pound to South African Rand (GBP/ZAR) exchange rate edged lower by around -0.1% on Wednesday afternoon.
During Wednesday’s European session the Pound strengthened versus the majority of its closest currency competitors. The appreciation can be linked to better-than-forecast results from British economic data. Net Consumer Credit increased from 1.1 billion to 1.2 billion in June; bettering the median market forecast hold at 1.1 billion. June’s Net Lending Securities on Dwellings came in at 2.6 billion; eclipsing the market consensus of a drop from 2.4 billion to 2.0 billion. Also, Mortgage Approvals rose above the forecast 64,800 to 66,000 with the actual result reaching 66,600. The Pound’s appreciation was somewhat slow moving, however, thanks to data which showed the British lending to non-financial businesses dropped to its lowest level since record began in 2011.
Brian Murphy, head of lending at the Mortgage Advice Bureau, said: ‘Despite the holiday season approaching, we are likely to see a burst of transactions continue into the second half of the year following [Bank Governor] Mark Carney’s comments about an early base rate rise, as more people look to secure a loan before the curtain comes down on the era of low-cost mortgages.’
The Pound Sterling to South African Rand (GBP/ZAR) exchange rate is currently trending in the region of 19.5650.
Despite mixed result from domestic data, the South African Rand strengthened versus the majority of its currency rivals. This was mainly the result of second-quarter unemployment rate which dropped from 26.4% to 25.0%; bettering the median market forecast 25.8%. Additional Rand gains can be linked to a comparatively weak US Dollar as the Federal Open Market Committee (FOMC) prepares to make the interest rate decision.
‘South Africa has a structural unemployment problem and the rate will stay around 25 percent,’ stated Francois Stofberg, an economist at Efficient Group Ltd. ‘You need economic growth to create jobs.’ ‘We expect South Africa’s unemployment rate to remain persistently high in the absence of any meaningful improvement in the economy and productivity,’ said Jeffrey Schultz, an economist at BNP Paribas Cadiz Securities.
The Pound Sterling to South African rand (GBP/ZAR) exchange rate was trending within the range of 19.5130 to 19.6780 during Wednesday’s European session.
During Wednesday’s European session the Pound strengthened versus the majority of its closest currency competitors. The appreciation can be linked to better-than-forecast results from British economic data. Net Consumer Credit increased from 1.1 billion to 1.2 billion in June; bettering the median market forecast hold at 1.1 billion. June’s Net Lending Securities on Dwellings came in at 2.6 billion; eclipsing the market consensus of a drop from 2.4 billion to 2.0 billion. Also, Mortgage Approvals rose above the forecast 64,800 to 66,000 with the actual result reaching 66,600. The Pound’s appreciation was somewhat slow moving, however, thanks to data which showed the British lending to non-financial businesses dropped to its lowest level since record began in 2011.
Brian Murphy, head of lending at the Mortgage Advice Bureau, said: ‘Despite the holiday season approaching, we are likely to see a burst of transactions continue into the second half of the year following [Bank Governor] Mark Carney’s comments about an early base rate rise, as more people look to secure a loan before the curtain comes down on the era of low-cost mortgages.’
The Pound Sterling to South African Rand (GBP/ZAR) exchange rate is currently trending in the region of 19.5650.
Despite mixed result from domestic data, the South African Rand strengthened versus the majority of its currency rivals. This was mainly the result of second-quarter unemployment rate which dropped from 26.4% to 25.0%; bettering the median market forecast 25.8%. Additional Rand gains can be linked to a comparatively weak US Dollar as the Federal Open Market Committee (FOMC) prepares to make the interest rate decision.
‘South Africa has a structural unemployment problem and the rate will stay around 25 percent,’ stated Francois Stofberg, an economist at Efficient Group Ltd. ‘You need economic growth to create jobs.’ ‘We expect South Africa’s unemployment rate to remain persistently high in the absence of any meaningful improvement in the economy and productivity,’ said Jeffrey Schultz, an economist at BNP Paribas Cadiz Securities.
The Pound Sterling to South African rand (GBP/ZAR) exchange rate was trending within the range of 19.5130 to 19.6780 during Wednesday’s European session.
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Source: moneytransfer.co.uk