SaffaSays

The rand strengthened 2% against the USD in early morning trade, as markets digest their exposure to the Turkish crisis.

Tukey remains firmly in the spotlight, with the question on everyone’s mind: ‘Is this the worst of the crisis, or a sign of trouble brewing in the global economy?’. The rand will likely bounce around 13.90/$ – 14.50/$ as it claws back into the 13.00/$ to 14.00/$ trading range.

The SARB announced that they will not take any action to support the rand, stating ‘rand moves don’t w
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US President Trump threatened to impose tariffs on all $500bn worth of Chinese imports following China’s vow to fight until the end.

As trade tensions intensified the greenback lost ground, which saw EM currencies and the rand strengthen to close at 13.33/$ yesterday. Locally, the 2 day ANC Lekgotla meeting (7-8 August) is focusing on land expropriation and an economic stimulus package to create an enabling economy for investment.

There isn’t much data out for the rest of the week and we see the country celebrate National Women’s Day tomorrow (9th August). Have a Wonderful Wednesday!

Latest Rates

USD/ZAR 13.3301
GBP/ZAR 17.2477
EUR/ZAR 15.4788
ZAR/JPY 8.3424
CNY/ZAR 1.9518
AUD/ZAR 9.8934
CHF/ZAR 13.3973
AED/ZAR 3.6289
SGD/ZAR 9.7689
NOK/ZAR 1.6266
EUR/USD 1.1614
GBP/USD 1.2938<br
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