Currency: the pound, the rand and the euro up, and the rupee stable : Orishas-finance

Version Française

Currency: the pound, the rand and the euro up, and the rupee stable

01/07/2024

Source : ORISHAS-FINANCE

Categories: Economy/Forex

imprimer

Currency: the pound, the rand and the euro up, and the rupee stable

Enjoy a simplified experience

Find all the economic and financial information on our Orishas Direct application to download on Play Store

The pound sterling lost ground against the euro, which appreciated after the first round of the French elections. The South African rand is also gaining ground. The rupee is stable.

Sterling fell against the euro on Monday as the single currency recovered due to investor expectations that the far-right French party might not get an absolute majority after winning the first round of the national election.

The South African rand strengthened at the start of trade on Monday after President Cyril Ramaphosa announced the composition of his new coalition cabinet, naming the leader of the former opposition Democratic Alliance (DA) as minister of agriculture.

At 07:37 GMT, the rand traded at 18.0150 against the dollar, 1% more than its previous close.

The euro was up 0.27% against the pound at 84.97 pence, moving away from its lowest level in two years of 83.97 pence reached in mid-June. The common currency grew by around 0.5% against the dollar.

The euro appreciated on Monday after the first round of early elections in France which put the extreme right in the lead, although by a smaller margin than expected, while a deterioration in first-quarter growth figures in Japan pushed the yen down.

The Indian rupee is expected to open largely unchanged on Monday, with Asian peers mixed, with the focus on important U.S. data expected later in the week.

Australian and New Zealand dollars started the week at a high speed, as the slowdown in American inflation reinforced bets on lower rates, while they lost ground to a dynamic euro after the first round of the French elections.

Provided by AWS Translate