Following China’s 15% tariff on US products, ‘Merica hit back yesterday laying out plans to impose a 25% tariff on Chinese import products.

The tariff could see more than 1300 Chinese imports being effected totalling more than $50 billion. In response, China said it plans to implement the same trade measures against the US.

The result could see higher US product prices which will lead to the Fed hiking rates more aggressively in the coming years (not good news for the rand). On the calendar today, EU inflation figures are out at 11h00.

Today’s Rate

USD/ZAR 11.8541
GBP/ZAR 16.6787
EUR/ZAR 14.5459
ZAR/JPY 8.9999
CNY/ZAR 1.8817
AUD/ZAR 9.1162
CHF/ZAR 12.3621
AED/ZAR 3.2267
SGD/ZAR 9.0281
NOK/ZAR 1.5115
EUR/USD 1.2269
GBP/USD 1.4067
GBP/EUR 1.1465

All rates quoted are the interbank rates at time of publishing and shown for indicative purposes only. It is important to note that foreign exchange rates fluctuate and that the rates will vary depending on the amount and product purchased and sold.

Author: Don V