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 managed to stay at a level of 18.90. The local unit traded marginally below 18.80 in yesterday’s session but failed to hold onto its gains. Monetary policy is in the spotlight today and could generate some short-term volatility heading into the weekend. The predicted trading range for the rand today is between 18.8050 to 19.1400.
Market focus today will be on the local producer price inflation and PMI data followed by the SARB MPC announcement. Predictions are that interest rates will remain unchanged. The PPI for December is expected to show a decline from 4.6% year on year in November.
The U.S. economy will soon come under pressure when the Federal Reserve’s monetary tightening will filter through. The European Central Bank is also meeting today to provide an update on their policy outlooks.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.8678 versus the dollar.
Gold: 2017 USD
Bitcoin: 40 053 USD