We publish this daily rand news update of the rand to dollar rates and factors which influence foreign exchange markets, to help you make better decisions whether you send money, receive, or want the latest money transfer news.
The South African rand is trading at high levels of 18.80. It has been trading on the back foot since the U.S. NFP data last week. Although South Africa has a public holiday yesterday, the local unit reached a high of 19.0850 for the day. The predicted trading range for the rand today is between 18.7000 to 19.2000.
Market focus today will be on the U.S. CPI Inflation data due today. July’s figures are expected to indicate headline inflation stabilised after a significant drop in previous months. This data will also contribute towards the Federal Reserve’s policy update in September.
If the above mentions CPI inflation data comes in strong, the USD/ZAR pair could reach the next technical resistance level of 19.1500. On the other hand, if the data comes back weak, the ZAR could recover back towards a support level of 18.5000.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.8461 versus the dollar.
Gold: 1919 USD
Bitcoin: 29 482 USD