04 Jul 2017
Week Ahead: PMI and new vehicle sales to reflect suppressed domestic demand conditions
Compared to the start of the week, the rand is presently 1.9% weaker against the USD at R13.11/USD.
This week, the performance of the rand was partially affected by global equity and bond market activity, with investors readjusting for higher interest rates across the major advanced economies. Specifically, the collective message from the ECB, the US Fed, The Bank of England and the Bank of Canada this week, was of monetary policy tightening. On the domestic front, the ANC policy conference will hold focus in the coming days.
The rand is expected to trade in a range of R13.56/USD – R12.56/USD, R15.40/EUR - R14.40/EUR and R17.46/GBP - R16.46/GBP.