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 has improved significantly in late yesterday afternoon’s session to trade in the low 18.20s. The local unit opened yesterday’s session at 18.7275 but after weaker than expected CPI data from the U.S. the rand made a 30cents recovery. The predicted trading range for the rand today is between 18.0000 to 18.5000.
The rand finds itself in an overbought territory, while the technical support level remains at 18.15-16. Market focus will move to the next round of U.S. data. Yesterday’s CPI data from the U.S. could indicate that the Federal Reserve might be done with their rate hike cycle.
Today’s market focus is on U.S. retail sales and producer price inflation due today. Investors will use this data as insight to the economy’s health.
The rand will look for support at 18.1625, 18.03 and then a low of 17.82. The resistance levels for the rand are at 18.41, 18.61, following with a high of 18.98.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.2075 versus the dollar.
GBP: 22.70
Euro: 19.79
Gold: 1970 USD
Bitcoin: 35 737 USD
Comments