USD-ZAR AT THE TIME OF THIS REPORT: 13.1451
RANGE FOR THE DAY: 12.90/13.2000
EUR-ZAR 14.3348 | GBP-ZAR 16.8491 | AUD-ZAR 9.86174 | EUR-USD 1.09033 | GBP-USD 1.28140
THE MARKETS AND THE RAND
The Rand weakened marginally on Tuesday, to 13.06, compared to Monday’sclose of 13.02, despite Dollar weakness against some of the major currencies. The Dollar lost against the Pound (0.4%), and the Euro (0.5%), but gained against the Yen (1.2%).
The Rand gained against the Yen (0.9%), but lost against the Pound (0.7%) and the Euro (0.9%).
Metal prices were mixed on Tuesday. Platinum and gold were down by 0.6% and 0.9% respectively; copper was up by 0.9%. Brent was up 1.0%, at USD 52.10/bbl.
- Implied volatility is down worldwide and most currencies, including the Rand are settling into their current ranges. The ZAR is firmly in the low 13s to the USD.
- Yesterday’s leading indicator from the SARB was the highest it has been in three years. However, it should be noted this data is from February and should accordingly be taken with a pinch of salt.
- March PPI is being released today in South Africa. Most analysts are expecting a slight moderation the index.
Since tomorrow is a holiday, the trade balance figures will only be releasedon Friday.
- International equity markets are showing some strength due to the positive sentiment arising out of the French election results and US president Donald Trump’s much ballyhooed new tax plan. The effect of the latter on the markets will only become clear once it is determined how likely it is that Trump can pass legislation effectively.
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