SA rand steady

The South African Rand (ZAR) steadied against the Pound (GBP) following yesterday’s printing of the SA total new vehicle sales for June, which rose from 40,428 to 45,939.

On a yearly basis, however, this was a decrease of 1.6 percent, with June 2018 seeing 46,663 vehicles sold.

The National Association of Automobile Manufacturers of South Africa (Naamsa), commented:

‘Underlying demand conditions for new vehicles remain weak. In general, low business and consumer confidence, growing pressure on household disposable income and ongoing subdued economic circumstances continued to limit growth prospects.’ Sterling traders, meanwhile, will be awaiting the speech by Mark Carney, the Governor of the Bank of England, and with any dovish comments about the UK economy we could see the GBP/ZAR exchange rate begin to sink.

GBP/ZAR Exchange Rate Flat as UK Construction Falls Deeper into Contraction

The Pound, meanwhile, weakened against many of its competitors following the printing of the UK Markit Construction PMI figures for June, which fell deeper into contraction from 48,6 to 43,1.  —

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