Today’s market commentary from Andre Botha, Senior Currency Dealer at TreasuryONE:
The rand traded in a very tight range yesterday as the data and event calendar was very light. The market hardly reacted to President Trumps state of the Union address with the US dollar trading slightly stronger. Trump did not drop any bombshells any mainly stuck to the script regarding immigration, building a wall and Chinese trade policy.
Today, we have an inkling that the Rand could trade sideways as is feels like groundhog day with of few events and data releases out today, much like the previous couple of days. We have seen the Rand drifting slightly higher today and this could be a reaction to a stronger dollar, which can be something to focus on today.