The South African rand is ticking down on Tuesday.
The currency is lower by 0.5% at 13.7621 per dollar as of 8:11 a.m. ET.
The head of South Africa’s Treasury, Lungisa Fuzile, asked to leave his post at the end of the month, a year before his contract ends, Bloomberg’s Sam Mkokeli reported earlier, citing three people with knowledge of the matter.
On Monday, S&P cut South Africa to junk, which the agency said reflects its view that the divisions of the ANC-led government that have led to changes in leadership — including the recent sacking of the finance minister — have put policy continuity at risk. The rand dipped by about 2% after the news crossed.
As for the rest of the world, here’s the scoreboard as of 8:10 a.m. ET:
- The US dollar index is little changed at 100.65 ahead of a solid data day. The trade balance will be out at 8:30 a.m. ET before factory orders and durable goods are released at 10 a.m. ET.
- The British pound is down by 0.4% at 1.2435 against the dollar after construction PMI came in at 52.2 in March, below expectations of 52.4, and below the prior month’s reading of 52.5.
- The euro is weaker by 0.2% at 1.0651 against the dollar after data showed that retail sales in the eurozone grew by 1.8% year-over-year in February, above expectations of 1.4%, and above the prior reading of 1.5%.
- The Russian ruble is down by 0.7% at 56.4498 per dollar, while Brent crude oil, the international benchmark, is lower by 0.6% at $US53.45 per barrel.