Markets were quiet yesterday due to the banking holiday in the U.K. We are still in a 7.70/$ to 7.90/$ trading range. The rand is trading closer to the lower end of this range after the euro and pound rallied overnight supporting the local unit. Credit growth continued to drop, however analyst expect rates to remain unchanged until we see inflation back within the 3-6 percent target range.
The yen held near a seven-week peak on the dollar on Tuesday, while the Australian dollar slipped after its central bank sounded less hawkish than some had anticipated. The Reserve Bank of Australia (RBA), holding its cash rate at 3.0 percent as expected, said the current low level of rates was appropriate, countering speculation it would adopt an explicit tightening bias.
Current levels
Rand / Usd
7.7200-7.7700
Rand / Euro
11.0900-11.1400
Rand / Sterling
12.6300-12.6800
Jpy / Rand
12.03-12.08
Jpy / Usd
93.30
Usd / Euro
1.4360
Gbp / Usd
1.6360
Gold
$955.00
Brent
$70.01
Expected ranges
Rand / Usd
7.6500-7.8500
Rand / Euro
11.0000-11.2000
Rand / Sterling
12.5500-12.7500
Jpy / Rand
11.95-12.15