Rand Goes Higher on Spain’s Bill Auction & Germany’s Business Confidence

The South African rand advanced today after Spain auctioned its three- and six-month bills with a good result and the German business confidence unexpectedly improved this month.
Spain sold €5.64 billion of bills, exceeding its maximum target, while the borrowing costs went down. The Ifo Business Climate index increased from 106.6 in November to 107.2 in December. It was expected to drop to 106.2. Traders remained cautious as Europe isn’t out of trouble yet, but the signs tell about a positive development.
USD/ZAR fell from 8.3986 to 8.2760 as of 13:28 GMT today.

If you have any questions, comments or opinions regarding the South African Rand,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

97 − ninety three =