Market Update

Market Update

GBP high against AUD, NZD & ZAR

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Sterling has soared this morning against the Aussie, Kiwi and the Rand

GBP climbed to its highest levels against the New Zealand and Australian dollars since June 2016 as the coronavirus continues to weigh heavily on the antipodean markets. 

With Asian markets still suffering from the outbreak, the pound has soared against the Aussie and Kiwi, who rely heavily on their countries’ trade with China. 

Sterling has also seen fresh highs against ZAR as well. 

While South Africa’s budget announcement this week went down warmly with the markets, budget deficit, spending and debt trajectory is still an issue that has been flagged by Moody’s, the only remaining agency to retain the country as an ‘investment grade’. 

South Africa has struggled with the fallout from the Eskom energy crisis, with estimates suggesting GDP expansion could be limited to a mere 1% this year. 

Moody’s latest rating decision will be made at the end of March and could be very impactful on the Rand. 

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