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Pound to Rand Exchange Rate Collapses on Reduced Confidence in GBP

Published: 11 Aug at 4 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Euro Crisis, Rand Exchange Rate, UK,

Latest Blow to Pound’s Appeal comes on Post-‘Brexit’ Housing Prices

The current week has been one of the worst in a long time for the Pound, as in addition to being repeatedly dragged down by poor economic data, overall sentiment has prevented any real gains over the five working days.
Against the South African Rand, the Pound has fallen considerably from a starting 18.00 to 17.19 as the week has dragged on.

While the Southern rail strike was called off for Thursday and Friday, planned action by Virgin East rail employees and decided-on weekend strike action by Eurostar staff has kept transport disrupted around the capital and left the Pound in a tenuous position.

The latest of many knocks to investor confidence in the Pound has come from the Royal Institute of Chartered Surveyors (RICS), which has released its house price balance survey for July.

As the first survey to take place since the EU Referendum result, the figures seen within have been alarming. The eye-catching outcome has been a drop from 15% to 5% on the month, showing that only 5% of respondents have actually witnessed any growth in housing markets.

In addition, estate agents reported that overall housing sales and enquiries had also fallen over the first post-‘Brexit’ month.

The last day of the week is not expected to bring any last minute positivity for the Pound, given that Friday’s UK construction output result for July has a further slip into negativity forecast.

South African Rand Conversion Rates Back on Top after Mixed Manufacturing Results

The South African Rand has been charting an almost opposite course to the Pound over the week, having risen at a steady rate against both Sterling and its other major rivals, the Euro and US Dollar.

Against the Pound in particular, a progressive improvement in the rate from around 0.055 to 0.058 has been seen.

Domestic data from South Africa has been limited over the week, with Thursday’s production results generating the most movement.

While annual gold and mining production fell in June, annual manufacturing production was superior to forecasts and rose from 3.9% to 4.5%.

Another point of support has been political, with the recent municipal elections showing a significant drop in support for the increasingly unpopular ruling ANC party and its scandal-mired leader, Jacob Zuma.

The next South African data to watch out for will come on Wednesday, when June’s retail sales are due to be announced. In a potential break to the Rand’s run of good luck, forecasts have been for a decline on the month and the year.
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