Currency traders and analysts are showing no faith in the rebound that has made the Russian ruble the world’s best-performing currency this month.
South Africa’s rand gained against the dollar as election officials said a general election in Africa’s largest economy went peacefully.
South Africa’s rand rose for a second week against the dollar on speculation the African National Congress will maintain current economic policies after winning this week’s elections.
The lira touched the lowest level in 11 days as some traders speculated the central bank may cut rates next week as the nation mourned the dead from its worst mining disaster.
The zloty’s advance following the Polish government’s sales of euros may be limited due to the widening current account and budget deficits, HSBC Holdings Plc said today.
South Africa’s rand posted its biggest weekly gain in two months on signs the global recession may be easing and bets a merger of MTN Group Ltd. with India’s largest mobile-phone company will pump money into the economy.
South African bonds advanced after a report showed inflation eased to the slowest rate in almost two years, adding to speculation the central bank may lower its benchmark interest rate.
The koruna slid from a one-month high against the euro as HSBC Holdings Plc. said gains were “not justified” and recommended selling the Czech currency.
HSBC Holdings Plc is squaring off against Nomura Holdings Inc. in predicting the future course for South Africa’s rand, the world’s worst-performing major currency in the past year.
"You had the rally, but if you look at macro fundamentals, the situation is even worse than it was two, three months ago."
- Murat Toprak on May 29, 2014