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 money or want the latest money transfer news.
The South African rand is showing continuous gains after the data released Friday from the U.S. delivered disappointing news. The local unit reached its best level of around 14.2500 on Friday. Today is a market holiday in the U.S., which will result in trading activity being very limited. The next short-term technical trend at a level of 14.20. The predicted trading range for the rand today is between 14.1500 and 14.5500.
The disappointing U.S. jobs report released on Friday, resulted in investors shifting their expectations for when the Federal Reserve will begin tapering stimulus measures. The rand is trading 0.2% stronger that its previous close. Risk-sensitive currencies, for example the rand, will be greatly influenced by moves in the outlook for U.S. monetary policy.
Asian shares showed an increase on Monday after the disappointing U.S. payrolls report. There is also more uncertainty over the outlook for global growth and inflation. The gold prices were also positively influenced after Friday’s data release, which increased the metal’s demand as an inflation hedge.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.2713 versus the dollar.
- GBP: 19.75
- Euro: 16.93
- Gold: 1826 USD
- Bitcoin: 51 701 USD