South African rand starts data-filled week softer, eyes on tariff deadline
At 0524 GMT the rand traded at 17.7475 against the dollar , 0.2% weaker than Friday's close.
The risk-sensitive currency lost a bit of ground last week and remains on the back foot as cautious traders await tariff updates with the country facing a 30% duty on its exports to the U.S. and an interest rate decision by the South African Reserve Bank on Thursday.
Many traders and analysts expect another rate cut (ZAREPO=ECI), opens new tab after inflation (ZACPIY=ECI), opens new tab rose modestly in June, moving just inside the central bank's target range.
For further clues on the shape of Africa's most industrialised economy, investors will look to money supply (ZAM3=ECI), opens new tab and private sector credit (ZACRED=ECI), opens new tab data on Tuesday, budget balance (ZABUD=ECI), opens new tab figures on Wednesday, producer inflation (ZAPPI=ECI), opens new tab and trade balance (ZATBAL=ECI), opens new tab data on Thursday.
South Africa's benchmark 2035 government bond was marginally stronger in early deals, as the yield fell 1.5 basis points to 9.835%.
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Daily Mail
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Starmer joins Trump on Air Force One
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6 minutes ago
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BBC News
6 minutes ago
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UK steel exported to the US is currently subject to a 25% tariff, which is lower than the 50% global rate on imports of the metal imposed by Donald Trump in president granted the UK this partial exemption to allow time for implementation of the US-UK trade officials are working with their US counterparts to resolve technical issues that they hope will mean UK firms will be able to export steel to the US up to a certain quota that avoids even this 25% US officials have briefed that under the EU-US deal, EU steel will remain subject to the US's global 50% tariff on metal would seem to significantly benefit UK steel exporters relative to their EU counterparts when it comes to selling to the the EU Commission president has also suggested that Brussels and Washington remain in talks about a quota system, whereby EU steel exports under the quota would also be subject to a lower could ultimately erode any relative advantage for UK steel theory, EU manufacturers - in steel and other sectors - could move some of their production to the UK to benefit from lower tariffs when exporting to the USBut some analysts are sceptical about the likelihood of this."I doubt companies in modern supply chains are going to make big, long-term relocation decisions based on marginal tariff differences," says David Henig, the UK director of the European Centre For International Political Economy (ECIPE)."To take advantage of any such tariff differences businesses need to feel reasonably secure that the differences will last. 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