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Rand News Update │ Rand struggling to hold onto gains

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 in last week’s sessions. The local unit reached its best level of 18.76 on Friday, and it traded at a high of 18.9600. The predicted trading range for the rand today is between 18.7500 to 19.1500.

Local market focus this week is on New Vehicle numbers due today. Date releases due this week is the Business Confidence and PMI numbers. The rand will be affected by global economic drivers such as the U.S. labour data due later in the week. China has released its manufacturing data, which showed a growth for the first time since April.

Important data out from the U.S. this week is the non-farm payroll numbers due on Friday. Analysts will look for clues on the outlook of the economic growth. The rand will look for support at 18.90, 18.76 and then a low of 18.61. The resistance levels for the rand are at 19.06, 19.20, following with a high of 19.34.

Foreign Exchange Rates

At time of writing:

The Rand traded at 19.0392 versus the dollar.

  • GBP: 23.19

  • Euro: 20.09

  • Gold: 1834 USD

  • Bitcoin: 28 295 USD

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