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 ending the week just slightly above a level of 19.00. A basket of emerging market currencies traded weaker against the USD in yesterday’s session. The short-term support will test level of 19.00 and above.
The predicted trading range for the rand today is between 18.7500 to 19.0500.
President Ramaphosa’s SONA address made no impact on the markets. He gave very little insight to his plans to correct the country’s most challenging issues. Traders and investors will now shift their focus for Finance Minister Enoch Godongwana’s budget speech on 21 February.
Global market focus for next week is on the U.S. CPI data for January due on Tuesday. Markets are already pricing in rate cuts for this year. Any downside surprises will flare up expectations that rate cuts will possibly be aggressive through the coming quarters.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.0452 versus the dollar.
Gold: 2030 USD
Bitcoin: 46 694 USD