South Africa’s rand remained in narrow ranges, after CPI data showed another decline. The local unit is slightly weaker after Chinese markets depreciated causing investor to run for safe haven currencies. The violence seen at the Union Buildings by the defense force workers will not do us any favours and if it wasn’t for the possible MTN/Bharti transaction the local unit would probably be a lot weaker.
U.S. stocks closed near break-even on Wednesday despite fresh signs of a modest economic recovery, while rising U.S. crude stockpiles led oil prices to extend sharp losses from the previous session. News that China would act to restrict redundant investments underscored concerns about the global economy and triggered safe-haven buying of the U.S. dollar. Gold futures ended a tad lower, helped by the dollar’s gains, while copper was little changed, weighed down by Chinese constraints on industrial overcapacity. Investors remained cautious after a decent run-up in equity markets, leaving stocks to edge up on the day even after solid reports on U.S. housing and new orders of durable goods.
Current levels
Rand / Usd
7.8300-7.8800
Rand / Euro
11.1800-11.2300
Rand / Sterling
12.7000-12.7500
Jpy / Rand
11.90-11.95
Jpy / Usd
93.40
Usd / Euro
1.4255
Gbp / Usd
1.6214
Gold
$946.00
Brent
$71.25
Expected ranges
Rand / Usd
7.7500-7.9500
Rand / Euro
11.1000-11.3000
Rand / Sterling
12.6500-12.8500
Jpy / Rand
11.80-12.00