The Rand has just hit record low against the Dollar after firmer-than-expected non-farm rolls from the US on this afternoon.
By 16:13 SA time, the Rand had fallen 2% down its slippery slope to... wait for it...R14.17/$
, which is its weakest level against the Dollar as the increasing likelihood of a rate hike by the Fed in December has pressured emerging assets... ja EISH!NKC African Economics Chief Economist, Christie Viljoen
said "The move is dollar bound, because of the non-farm payrolls. It means they (US Fed) can start lifting interest rates and that is obviously bad for the rand," .The local unit ignored central bank data that showed domestic net gold and foreign exchange reserves edging up slightly to $41.308bn in October, but got owned by the strength of Dollar following the positive jobs data.The Dollar itself bumped up to a 6.5 month high after the US jobs report beat initial expectations, increasing by 271 000 last month to its largest boner since December 2014.Stocks also fell, with the blue-chip index down 2.5% to 47 332 pts following US employment figures.UPDATE:
This is pretty much how sh*t went down today... pun intended 🙂 (click for full image)
Ja so its all a bit kak really... but in other news, our delightful President is now officially the highest paid, worst value for money President on the face of the planet right now...in other words he's pretty much the biggest waste of space President in the entire world... yes we all know that already as opinion, but now it's actually FACT!... more on this shortly...keep an eye on PharSide... it's coming ekse...P.S. Rand/GBP currently trading at R21.40/£