Outlook for SA remains ‘stable’ – Standard & Poor’s
Currencies Direct December 15th 2014 - < 1 minute read
A simple confirmation of South Africa's credit rating and a stable outlook was enough to bring the rand back from its weakest level against the US dollar in 6-years. Standard and Poor's was the first to announce their decision to leave SA's rating unchanged, and were followed shortly by Fitch, who kept South Africa's rating one notch above that of S&P and Moody's. The news brought much needed relief to the rand, closing near the low of its short-term trading range of 11.56/$. Apart from US Fed Chair Janet Yellen's address on Wednesday, it's going to be a quiet week as holiday season kicks into full gear. Congrats to SA's newly crowned Miss World 2014 Rolene Strauss and of course the Blitzbokke for once again putting the Kiwi's back in their corner!
Commentary by Gareth Frye