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The Sable International Rand Report

USD-ZAR AT THE TIME OF THIS REPORT: 13.0257    RANGE FOR THE DAY: 13.00/3000

EUR-ZAR 14.5660 | GBP-ZAR 16.9125 | AUD-ZAR 9.72098
EUR-USD 1.11899 | GBP-USD 1.29924


THE MARKETS AND THE RAND

The Rand strengthened further on Tuesday, to close at 13.08, compared toMonday’s close of 13.22, despite Dollar strength against all of the major currencies. The Dollar gained against the Euro (-0.5%), the Yen (0.4%) and the Pound (-0.3%). 

The Rand gained against the Euro (-1.6%), the Yen (1.5%) and the Pound (-1.4%). 

Metal prices were mixed on Tuesday. Gold and platinum were down by 0.8% and 0.2% respectively, while copper was up by 0.2%. Brent was up 0.5%, at USD 54.15/bbl.


NEWS HEADLINES

  • The Rand is reacting to internal politics and found some strength yesterday when suggestions surfaced that some of the ANC may be looking to oust President Jacob Zuma. The local currency lost some of these gains early this morning but has now rebounded to almost below the 13.00 level.
  • CPI for April came in below expectations at 5.3% y/y. This is a solid improvement from March’s 6.1% y/y. While rate cuts are still very much off the table, the reduction in food price inflation has helped ease the burden on the SARB and takes some of the heat off of its upcoming MPC.


MARKET HEADLINES



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