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 holding steady at a level of 19.3000, after it traded on a range of 19.26 to 19.63 in Friday’s session. U.S. markets are closed today for a bank holiday, so markets will be quiet. The predicted trading range for the rand today is between 19.3500 to 19.6500.
The U.S. jobs report produced stronger than expected data, with the jobs gains of 336 000 being its biggest gain in eight months. The outcome of this data is that the interest rates will have to stay high for a bit longer. Market data to expect this week is the U.S. CPI numbers along with he FOMC minutes due later this week. Local market focus will be on the release of national census due this week.
Trades will keep a close eye on the markets’ reaction after the devastating violence that broke out in the Middle East over the weekend. The rand will look for support at 19.15, 19.01 and then a low of 18.76. The resistance levels for the rand are at 19.40, 19.54, following with a high of 19.78.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.3691 versus the dollar.
Gold: 1849 USD
Bitcoin: 27 777 USD