Daily Market Report Good morning, Today’s market commentary from Andre Botha, Senior Currency Dealer at TreasuryONE Despite the good GDP number, the Rand closed yesterday in the R13.80’s after reaching a low of R13.55 just after the release of the GDP number. The primary driver of the Rand sell-off was out of the US with…
Daily Market Report Good morning, Today’s market commentary from Andre Botha, Senior Currency Dealer at TreasuryONE Although the Rand traded in a relatively narrow band yesterday, there was a lot of action in that band. The Rand peaked over the R13.60 fence in the morning session but once again failed to successfully scale the fence.…
Daily Market Report Good morning, Today’s market commentary from Andre Botha, Senior Currency Dealer at TreasuryONE It’s only the start of the week, but we are already firmly strapped into the Rand rollercoaster. We saw the local unit lose some ground in evening trade on Friday as the market crept into its shell in anticipation…
Daily Market Report Good morning, Today’s market commentary from Andre Botha, Senior Currency Dealer at TreasuryONE The Rand had a fantastic day yesterday as the local unit pressed to within touching distance of R13.60. This was all on the back of the US dollar slipping against all major currencies due to the dovish comments by…
Daily Market Report Good morning, Today’s market commentary from Andre Botha, Senior Currency Dealer at TreasuryONE Again we had a day of sides yesterday, in relation to the Rand, with the local unit trading in a very narrow band of 10 cents against the US dollar in South African trading hours. The real move happened…
Daily Market Report Good morning, Today’s market commentary from Andre Botha, Senior Currency Dealer at TreasuryONE What an interesting week last week was for the Rand, with the Rand breakthrough and sustaining a break below the R14-level. One of the critical events for the break of the Rand was the hike of 25-basis points of…
Daily Market Report Good morning, Today’s market commentary from Andre Botha, Senior Currency Dealer at TreasuryONE Even though the Rand traded in a 10 cent band for the most of South Africa’s trading session, the Rand tested the R14.00 level in overnight trade. The reason for this quick move in the Rand was a resurgent…
Daily Market Report Good morning, Today’s market commentary from Andre Botha, Senior Currency Dealer at TreasuryONE There are a couple of risks for EM currencies this week and where we initially thought the risk would be towards the end of the week, it suddenly rushed to the fore yesterday. The main risk for EM this…
Daily Market Report Good morning, Today’s market commentary from Andre Botha, Senior Currency Dealer at TreasuryONE The Rand enjoyed a bit a thanksgiving of its own from the US yesterday, as the thin liquidity conditions from the US being out of the market yesterday, helped the Rand lower when the MPC hiked the interest rate…
Daily Market Report Good morning, Today’s market commentary from Andre Botha, Senior Currency Dealer at TreasuryONE The Rand broke through the R14.00 level and more significantly closed below that level yesterday, which means that the break was sustained. The Rand probably enjoyed some positive sentiment from two fronts. One front is the US dollar slipped…