The South African rand is trading stable at a level of 14.6000. The rand traded in a range of 14.5250 and 14.6450 on Friday. The rand showed a weekly gain last week of 1% against the dollar, because of the uplifting outcome from the U.S. Federal Reserve’s meeting last week. The predicted trading range for the rand today is between 14.5000 and 14.8500.
This week’s market focus will be on U.S. jobs data which is due at the end of the week. The wellbeing of the labour market is an important requirement for the U.S. central bank to consider tapering monetary stimulus.
In the month of August, we usually see an increase in volatility as cash flow decreases as traders take their summer holidays. As the Covid-19 cases are increasing worldwide, there is a possibility of another wave of coronavirus cases as markets are still on high alert.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.5563 versus the dollar.
- GBP: 20.27
- Euro: 17.29
- Gold: 1804 USD
- Bitcoin: 40 073 USD