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SA Rand fighting back!

Resilient rand
12 April 2017
Commentary by Niel Lubbe
The rand is fighting back despite the strong dollar, after local political chaos seems to have quietened down – for now. The local unit opened at 13.80/$ and will now be looking to break the 13.70/$ support level, which could mean a momentum swing in the rands favour. Where to next? The rand could trade sideways, as we wait for the court’s ruling regarding the vote of no confidence against President Zuma, which will most likely only happen in May. On the data calendar today: Bank of England Governor Carney speaks and UK Average Earnings figures are out. Have an awesome day!
Daigon Clearing Agent