Veterans day yesterday and still by the close of trade, the South African rand weakened against the US dollar.
- Escalating uncertainties over the US-China trade deal weighed on global risk assets. Later today, US President, Donald Trump, is scheduled to speak at the Economic Club of New York, where investors anticipate new word on the Sino-US phase one trade deal.
- In the US, Boston Federal Reserve (Fed) Bank President, Eric Rosengren, stated that the US economy is in good condition and that nothing he has seen in recent data would change his view that the central bank’s latest interest rate cut was not needed.
- The yield on benchmark government bonds rose yesterday. The yield on 2020 bond advanced to 6.91% while that for the longer-dated 2026 issue rose to 8.49%.
In early trade on Tuesday, the US dollar is trading 0.1% higher against the South African rand at R14.8966, while the euro is trading 0.1% higher at R16.4359. The British pound has gained 0.1% against the South African rand to trade at R19.1505.
By the close of trading on Monday, the euro advanced against most of the major currencies.
- The European Central Bank (ECB) policymaker, Yves Mersch, stated that persistent weakness in eurozone manufacturing raises the risk of other sectors of the economy being infected, extending the currency bloc’s recent downturn.
- The British economy avoided falling into a recession in 3Q19.
- On the Brexit front, UK Prime Minister, Boris Johnson, won the most significant boost of the election campaign, after Brexit Party Leader, Nigel Farage, announced that he would not run in Tory constituencies in the upcoming general election.
In early trade on Tuesday, the euro has marginally slipped against the US dollar to trade at $1.1033, while it has marginally weakened against the British pound to trade at GBP0.8580.
Apart from dodging Eskom load shedding for the time being, we now have many roads in along the East Coast under threat from rain and flooding.
Please be Aware:
- M4 Umhlanga to Sibiya circle the road has been permanently closed. The road has been compromised by the underground soil being washed away.
- Many roads flooded, please take care that excessive speed causes hydroplaning and can be catastrophic.
- N2 North Bound before the Umhlanga M41 off-ramp. Keep out of left lane…..Bus has gone off the road.
- ETHEKWINI NEWS FLASH
- FOR IMMEDIATE RELEASE
CITY ON HIGH ALERT AS HEAVY RAINFALL EXPECTED
The City is ready and prepared to assist residents affected by the heavy rainfall expected over the coming week. Current forecasts are showing persistent rainfall over the next three days with thunderstorms anticipated in the evenings.
Rainfall is expected in the central and northern regions of eThekwini this evening with localised flooding due to saturated ground conditions. Moderate to heavy thundershowers are expected on Tuesday and Wednesday evening potentially impacting river levels.
The Forecast Early Warning System and Disaster Management teams are monitoring the patterns and will update accordingly.
Affected residents can call the City’s Disaster and Emergency Services for assistance on 031 361 00 00. The public is urged to be patient as staff are dealing with high call volumes.
The public is also urged to report any potential stormwater blockages to the Roads and Stormwater Management Department via the call centre on 080 131 3013. Residents are urged to not litter as the waste blocks the drains and water courses. This then leads to blockage of the culverts and water backup or lateral flowing.
Rivers and streams will continue to rise with the predicted rainfall and therefore bathing in or crossing swollen rivers is not encouraged.
A number of areas in eThekwini have been affected by the substantial rainfall since last night including the north to the inner west as well as parts of the inner city. The City will be monitoring flood plain areas as well.
Currently, there are no casualties reported. However, a number of roads have been affected. This includes Old Main Road west bound which has been closed off due to high levels of water as a result of stormwater drains being blocked. The closure is just before the intersection of Old Main Road and Anderson Road. Officials are working to unblock the drains.
The public is also urged to avoid sharing false information being circulated on social media of incidents related to the rainfall as this causes unnecessary panic. Only verified information issued by the Municipality or credible news sources should be trusted.
Issued by the eThekwini Municipality’s Acting Head of Communications Mandla Nsele.
Have a great and safe Tuesday. The worst of the weather is still ahead from late Wednesday. Start preparing if you are experiencing leaks.