Rand taking it easy

Commentary by Niel Lubbe

The rand remains steady this morning after trading in one of the narrowest ranges seen for some time (only moving 12c yesterday).

The local unit could be in a new post-downgrade trading range and opens at 13.28/$, with minimal movement expected again today. On the data front: Oil prices have declined (low oil prices are seen as ZAR negative) and local year-on-year inflation for March lowered from 6.3% to 6.1%. Not much on the on the calendar today, with only Bank of England Governor Carney speaking later. Have an awesome Thursday folks!