South African rand slips as US-Iran stalemate pushes oil prices higher - Reuters

South African rand slips as US-Iran stalemate pushes oil prices higher | Reuters

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South African rand slips as US-Iran stalemate pushes oil prices higher

By Reuters

September 28, 20263:53 AM EDTUpdated 6 hours ago

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!South African Rand coins are seen in this illustration picture

South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration Purchase Licensing Rights, opens new tab

JOHANNESBURG, Sept 28 (Reuters) - The South African rand slipped half a percent in early trade on Monday ​as the US-Iran standoff continued to drive oil ‌prices higher, weighing on risk-sensitive currencies in oil-importing economies.

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* At 0734 GMT the rand traded at 16.40 against the ​dollar , about 0.5% weaker than its previous ​close.
* Oil prices climbed more than 3% on ⁠Monday with Brent crude futures last above $107 a ​barrel, after US President Donald Trump rejected a peace ​deal with Iran to resolve their conflict and reopen the Strait of Hormuz.
* South Africa imports most of its fuel, ​leaving the economy vulnerable to swings in ​global oil prices since the Iran conflict began in late ‌February.
* "Volatility ⁠in the rand could be elevated this week as the data calendar is jam-packed with data out of the US, culminating in the US ​non-farm payrolls ​on Friday," ⁠said Andre Cilliers at TreasuryONE.
* On the Johannesburg Stock Exchange, the Top-40 index (.JTOPI), opens new tab ​fell 1.7% in early trade.
* Gold Fields (GFIJ.J), opens new tab led ​losses, ⁠dropping about 13% after Australia's Northern Star Resources (NST.AX), opens new tab said it had rejected an unsolicited A$38.7 billion ($27.1 billion) ⁠takeover ​approach.
* South Africa's benchmark 2035 government ​bond also weakened, as the yield rose 5.5 basis points to ​8.855%.

Reporting by Sfundo Parakozov; Editing by Sonali Paul

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