Rand News Update │ Rand managed to gain even more

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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 has managed to gain a bit more and is trading in the 14.5000 level. The next short-term technical objective on the downside will be to reach the 14.3000 level. The rand trading strong, even though its in a low-volume and low-activity environment. The predicted trading range for the rand today is between 14.3000 and 14.7000.

Local focus today will be on the release of the CPI data and the consequences it will have on the South African Reserve Bank interest rate decision. The local unit’s movement is also influenced by the news relating to the local elections taking place next month.

Asian shares increased as the U.S. long-dated bond yields spiked up to a five-month high. Markets are hopeful about the global economy and corporate earning as the yen decreased to a four-year low against the USD. Gold prices increased on Wednesday, which is influenced by rising U.S. bond yields and the fear of sooner-than-expected interest rates hikes.

Foreign Exchange Rates

At time of writing:

The Rand traded at 14.4695 versus the dollar.

  • GBP: 19.95
  • Euro: 16.82
  • Gold: 1777 USD
  • Bitcoin: 64 168 USD

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