{"id":142704,"date":"2016-11-09T07:51:02","date_gmt":"2016-11-09T05:51:02","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=142704"},"modified":"2016-11-09T08:01:32","modified_gmt":"2016-11-09T06:01:32","slug":"rand-crumbles-as-trump-victory-in-the-us-looks-more-likely","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/142704\/rand-crumbles-as-trump-victory-in-the-us-looks-more-likely\/","title":{"rendered":"Rand crumbles as Trump victory looks more likely"},"content":{"rendered":"

The US presidential election has put an abrupt end to the gains made by the rand in the past few weeks, as a surprisingly likely\u00a0victory by republican candidate, Donald Trump, sends global markets into a panic.<\/p>\n

Overnight, the rand lost massive ground, weakening over 4.6% from an overnight low of R13.18 to levels as high as R13.79 in the morning. It us currently trading at R13.72 to the dollar.<\/p>\n

By 7.30am South African time (12.30am in New York), vote counting in the US elections\u00a0showed an incredibly close race, with Trump leading democratic candidate Hillary Clinton by\u00a029 electoral\u00a0votes.<\/p>\n

Trump was at 244 electoral\u00a0votes, while Clinton was at 215 – either candidate would need 270 votes to win the majority vote.<\/p>\n

\"votes\"<\/a><\/p>\n

\"usdzar\"<\/a><\/p>\n

The results were unexpected, with many polls leading up to the election predicting a Clinton win by some margin. The plot twist – reflecting a similar twist in Brexit vote earlier in the year – caused a major upset to investors, who are panicking, and moving into safe haven assets.<\/p>\n

As a result, many markets across the world, including South Africa, are taking some pain,\u00a0as investors fear a Trump victory could cause global economic and trade turmoil.<\/p>\n

Currencies, such as the Mexican peso went into free-fall, as the implications of a Trump victory hit home.<\/p>\n

Markets have tended to favor Clinton as a status quo candidate who would be considered a safe pair of hands at home on the world stage. A\u00a0Trump victory would trigger massive uncertainty that would likely undermine risk assets at least initially, economists have said.<\/p>\n

More on the rand<\/h3>\n

This is how much the rand will improve if Zuma resigned today<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The US presidential election has put an abrupt end to the gains made by the rand in the past few weeks, as a surprisingly likely victory by republican candidate, Donald Trump, sends global markets into a panic.<\/p>\n","protected":false},"author":10,"featured_media":105427,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26],"class_list":["post-142704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/142704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=142704"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/142704\/revisions"}],"predecessor-version":[{"id":142714,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/142704\/revisions\/142714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/105427"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=142704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=142704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=142704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}