Rand Gains as European Leaders Prepare to Discuss Greece
The South African rand rose today as the European leaders are going to discuss Greece. Investors have hopes that there is a way to save the indebted country and prevent its exit from the eurozone. Such hopes were positive for riskier currencies.
Luxembourg Prime Minister Jean-Claude Juncker, the President of the Euro Group, will visit Greece tomorrow. German Chancellor Angela Merkel and French President Francois Hollande will meet in Berlin on August 23 and both of them are going to talk separately with Greek Prime Minister Antonis Samaras this week. Previously, the rand was weakening as police and striking workers clashed at the Lonmin mine, resulting in death of 34 people and spooking foreign investors away from the country.
USD/ZAR fell from 8.3309 to 8.2231 as of 14:48 GMT today and its daily low was at 8.2159.
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Earlier News About the South African Rand:
- Rand Drops as US Non-farm Payrolls Spark Fear on FX Market (2012-07-06)
- Rand Fluctuates on Interest Rate Speculations (2012-06-27)
- Rand Falls on Weakening Prospects for Global Economic Growth (2012-06-25)
- Rand Drops While Current Account Deficit Widens (2012-06-21)
- Rand Rebounds After Touching Lowest Level in 2012 (2012-05-31)