Rand remains range-bound
We previously mentioned that markets are calmer with stability in the financial system helping volatility to ease, but we have yet to see any sustained reprieve for the rand. Although the rand is 0.5% stronger for the day, we basically just regained ground lost yesterday. Markets are continuously focusing on US data and Fed speakers, but local issues have played their part in the rand’s performance over the past two months.
Dollar still hovering softer against its peers
The Dollar continues to trade softer against the likes of the Euro, Pound, and Yen after the “Dovish” hike by the FOMC last week. We did, however, have some Dollar positive Consumer Sentiment release this afternoon, with the March print exceeding expectations. It has, however, not moved the Dollar much, with the market still sceptic of the room the Fed has for further hikes. Thursday afternoon will likely provide the most action this week, with the SARB announcement and US final Q4 GDP print to be released in as close as 30 minutes.
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