The rand followed in the footsteps of emerging market currencies and global equities to end last week in the green.
The local unit opened the week slightly on the back foot as risk aversion lingered. This week the rand will be in the firing line on both the international and local front. Abroad, a 25% tariff on $16bn of Chinese imports comes into effect on Wednesday with a Chinese trade delegation landing in the US on the same day, the US Fed will hold a 3 day symposium starting on the 23rd with investors keeping an eye on policy indications, and markets will be hoping for sanity on the Turkish crisis.
Locally, June Inflation figures are out tomorrow which are expected to remain in the SARB’s range of 3% – 6% despite a weaker rand and fluctuating oil prices. Have a great week.
All rates quoted are the interbank rates at time of publishing and shown for indicative purposes only. It is important to note that foreign exchange rates fluctuate and that the rates will vary depending on the amount and product purchased and sold.