The rand was the 2nd best performing currency last week, taking advantage of a simmering trade war and China’s announcement of a stimulus package to boost its economy (tax cuts).
Last week’s gains demonstrated how volatile the rand is, and it wouldn’t take much for the local unit to reverse gains. The big news for the week is Friday’s US jobs data, with Tuesday’s SA trade balance and a host of local data releases providing insight into SA’s probable Q2 GDP.
We’ll also keep an eye on the European Central Bank’s monetary policy update, and of course any update on the Trade War front. Our Zim friends go to the polls today, in their first election without Uncle Bob; we wish our neighbours free and fair elections.
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.