South Africa’s rand has finally broke out of its recent ranges after strengthening below 7.90/$ and is currently trading at 7.77/$. Most currencies rallied versus the dollar overnight and as the rand is seen as a high yielder it benefit more than most currencies. Traders will be watching trade figures today, and how much the stronger rand will negatively impact on our local exporters. While speculators (Investors) take advantage of the high yields with investments that could flee overnight your real long term investors (exporters) are hurting, not too sure how much our economy will benefit from this?
Sterling hit its highest level in eight months against the dollar on Tuesday as growing hopes of a global recovery prompted investors to shift funds to higher-yielding assets from the safe-haven U.S. currency, and as data showed British house prices rose for the second month running in June.
Current levels
Rand / Usd
7.7500-7.8000
Rand / Euro
10.9500 – 11.0000
Rand / Sterling
12.9500 – 13.0000
Jpy / Rand
12.27- 12.32
Jpy / Usd
95.40
Usd / Euro
1.4128
Gbp / Usd
1.6705
Gold
$944.00
Brent
$72.55
Expected ranges
Rand / Usd
7.7000-7.9000
Rand / Euro
10.9000-11.1000
Rand / Sterling
12.9000-13.1000
Jpy / Rand
12.15-12.35
This article thanks to Accredinet financial Solutions