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We are in for another softer day as US markets did not like what US Federal Reserve Bank Chairman Ben Bernanke had to say, and lost ground in afternoon trading. Futures are also pointing to more downside, and it is risk-off in Asia this morning. The Rand has bombed out, trading R10.20 to the US$, with commodities also trading a touch lower from our close. We expect the sentiment to follow through to our market in early trading.
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PSG Foreign Exchange
News of the day
South Africa's rand weakened against the dollar as EM currencies lost ground after the Fed’s announcement last night. Opening prices for the rand were at 10.2100 per dollar as of 6:30 a.m. in Johannesburg, versus 10.0100 the previous trading day, according to data compiled by Bloomberg.
Federal Reserve Chairman Ben S. Bernanke is putting investors on notice that the central bank is prepared to begin
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PSG Foreign Exchange
News of the day
The rand had one of its quieter sessions yesterday as the market is anticipating Ben Bernanke’s address tonight after a two day meeting of the Fed. Local eyes are also on CPI data to be released at 10:00 local time, as well as the current account deficit figure, which if anything bigger than 7% of GDP, will send our currency flying towards 10.20 again.
Rand/Dollar at 10.01 as at 08:30 SAST.
The
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We are in for what should probably be a volatile day ahead of the FOMC rate decision later today and futures closeout tomorrow. In the US, it is expected that interest rates will remain unchanged for the next year or two. Futures are flat, not pointing to any direction, while the Rand remains around the R10 levels, with gold a touch lower and platinum relatively unchanged.
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Many people would have heard by now that Burger King opened its first local restaurant in Cape Town about a month ago in partnership with Grand Parade Investments. It plans to open a further 12 branches in South Africa over the next 12-months, to grab a share of South Africa’s R19-Billion-a-year fast-food market, before expanding into other African countries. According to the Wikipedia website, fried chicken chain KFC (owned by YUM! Brands) is the world's second largest restaurant chain overall by sales after McDonald's. KFC has been operating in South Africa for over 42 years, where it has 660 branches. It plans to increase its foot print into Africa, where it is already the regional leader among the U.S. fast food chains. McDonald’s has only been in South Africa for 18 years and operates 170 restaurants. There are three main restaurant chains listed on the JSE, namely Taste, Spurcorp and Fambrands.
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