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 struggling to hold onto its gains made to open at a high of 18.7425 this morning. The local unit reached its best level of 18.5575 during yesterday’s session. The U.S. non-farm payrolls will be the market focus point this afternoon. The predicted trading range for the rand today is between 18.5500 to 18.9000.
The ongoing geopolitical tension in the Middle East is causing the price of Brent to increase above $90 per barrel, which is the highest since October last year. This has a knock-on effect on the tension between Iran and Israel.
Market focus today will be on the U.S. non-farm payroll numbers. The forecast is a gain of 200k jobs, opposed to a previous 275k. The unemployment rate is expected to stay the same at 3.9%. The rand will look for support at 18.67, 18.60 and then a low of 18.49. The resistance levels for the rand are at 18.85, 18.93, following with a high of 19.05.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.6281 versus the dollar.
GBP: 23.53
Euro: 20.20
Gold: 2290 USD
Bitcoin: 67 390 USD
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