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 in a range of 18.60 to 18.70. Although on Friday it reached a high of 18.88 for the day. The local unit is trading on the back foot as this week is packed with both local and global data releases. The predicted trading range for the rand today is between 18.4500 to 18.8000.
Local data due this week is the third-quarter gross domestic product, October and November business confidence index data and whole economy PMI. Main focus will shift to the U.S. where we can expect the non-farm payroll numbers due on Friday. Market expectations in a gain of 180k jobs and unemployment rate of 3.9%. Other global news to look out for is the MPC meetings in Canada and Australia. Rates are expected to remain unchanged for both.
The unrest in the middle east have not resolved. Concerns are increasing that the Israel-Hamas war could flow over to bordering countries as three commercial vessels were attacked over the weekend. The rand will look for support at 18.52, 18.40 and then a low of 18.20. The resistance levels for the rand are at 18.82, 19.01, following with a high of 19.21.
At time of writing:
The Rand traded at 18.7300 versus the dollar.
Gold: 2062 USD
Bitcoin: 41 457 USD