Iraq calls for joint security council between Saudi Arabia and Iran
Iraq calls for joint security council between Saudi Arabia and Iran Iraq has called for creating a joint security council between Iran and Saudi Arabia, citing a "crisis of trust" between the two countries, a senior Iraqi official told state broadcaster Iraqiya TV. Qasim al-Araji, the national security adviser to the Iraqi prime minister, indicated that Baghdad had presented the proposal to both…
South Africa's currency, the rand, opened the week with strength on Monday, reaching levels not seen since the beginning of the Iran conflict. The currency traded at 15.99 per dollar, a gain of around 0.2%, hovering near its highest point in months. This surge was fueled by a lackluster dollar, escalating gold prices, and a favorable trend among emerging-market currencies.
The commodity-linked currency's rise is attributed to the diminished dollar, heightened gold values, and wider emerging-market currency strength. Key drivers behind the rand's rally include a subdued dollar, positive sentiment toward emerging markets, and a surge in gold prices. As the U.S. considers imposing its toughest sanctions on Iran in history, the dollar has been at multi-month lows, awaiting the specifics of the new sanctions package.
Treasury Secretary Scott Bessent is set to deliver a press conference at 1800 GMT, following the announcement of "the toughest sanctions in history" on Iran. Meanwhile, Iran's foreign minister has dismissed the prospect of further U.S. sanctions as a sign of desperation. Market risk expert Wichard Cilliers of TreasuryONE pointed to the rand's rally as being driven by global market sentiment and heightened gold prices, noting that risk-sensitive currencies like the rand are particularly vulnerable to shifting market dynamics since the onset of the U.S.-Iran war on February 28.
South Africa's 2035 government bond exhibited slight improvement early on, with the yield dropping 1.5 basis points to 8.565%.
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