Pound Sterling to South African Rand (GBP/ZAR) Exchange Rate Remains Down as Uncertainty Plagues Europe
The Pound Sterling (GBP) has remained down at -0.5% against the South African Rand (GBP/ZAR) today, due to an extension of the French state of emergency (SOE) by three months following the recent terror attacks.
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Still Upticking Gold Price Means Current Rand (ZAR) Uptrend is Unlikely to End Soon
Given the news regarding France’s extended SOE status, the Eurozone can be expected to grow slower as a result for the required period. Due to this, the price of gold is expected to continue to rise as it is currently a viable alternative to the softened Euro (EUR).
The Pound Sterling to South African Rand (GBP/ZAR) exchange rate has slipped today, owing to a rise in the price of gold and uncertainty over the future of the UK housing market.
GBP/ZAR Exchange Rate News: Previous Pessimistic RICS Forecast Coincides with Today’s UK House Price Rise
The Pound Sterling (GBP) has had a mixed performance today, mainly on account of the contrasting interpretations of the day’s Rightmove House Prices report for November. The results saw a -1.3% fall on the month but a rise from 5.6% to 6.2% on the year; this has been viewed as lending support to last week’s prediction that due to rising prices and a shortage of available houses, the UK will reach a crisis point of unaffordability in the next 5 years.
Sterling has advanced by over 0.3% against the Swedish Krona (GBP/SEK) and the Australian Dollar (GBP/AUD), along with a 0.8% gain against the New Zealand Dollar (GBP/NZD). On the other side of the coin, losses have been seen of -0.4% against the Omani Rial (GBP/OMR) and -0.5% against the Indian Rupee (GBP/INR) and the South African Rand (GBP/ZAR). This result echoes the state of the pairing prior to ‘Super Thursday’ earlier this month.
South African Rand Granted a Reprieve in ZAR/GBP Exchange Rate by Gold Uptick
The South African Rand (ZAR) has no domestic data due until Wednesday, but that hasn’t prevented the currency from fending off the competition. The main reason for this has been the far-reaching impact of attacks in Paris that took place on Friday and into Saturday; with the Euro (EUR) plummeting in value, investors have been turning to safe-haven commodities like gold, which has in turn risen from almost $1080 per 100 ounces to nearly $1085 today.
The Euro has fallen against the South African Rand (EUR/ZAR) by -0.8% today while the US Dollar (USD/ZAR) has declined by -0.2%.
GBP/ZAR Exchange Rate Forecast: UK Inflation Figures out Tomorrow, ZA Inflation and Sales on Wednesday
The next pairing-centric data will be tomorrow’s UK Inflation Rate results for October, which were forecast to remain at -0.1% on the year and 1% on the Core variant but rise from -0.1% to 0.1% for the monthly result.
Following this release, the next set of data will come from South Africa with the country’s Inflation Rate and Retail Sales results for October and September respectively. At the time of writing, forecasts were for a monthly rise but annual drop in the former field and a decline on the month and the year for the Retail Sales outcomes.
Current GBP, ZAR Exchange Rates
The Pound Sterling to South African Rand (GBP/ZAR) exchange rate was trending in the region of 21.8580 and the South African Rand to Pound Sterling (ZAR/GBP) exchange rate was trending in the region of 0.0457 today.