Risks high, economic releases low

Commentary by Justin Lodewyk

The rand traded sideways yesterday on a day that provided limited economic data threats.

The local unit faces two-way risks today on yet another day with no real data releases to write home about. ECB President Mario Draghi speaks this afternoon for the first time following the French elections. Markets will be hoping that Draghi will drop some hints regarding the ECB’s current stimulus package and when it could come to an end. Fed member Rosengren also speaks later this evening with markets looking for some insight into future Fed hikes.