The rand lost some of its momentum last week, along with other emerging market currencies, depreciating by 3.2%, evidencing recent volatility. This transpired even though the greenback lost some ground towards the end of last week after President Donald Trump stated that the US will impose tariffs on steel and aluminium imports, sparking fears of a trade war.

When comparing the rand to a basket of emerging market currencies over a three month period however, the rand is still the best performing currency.

In the week ahead, the rand is expected to trade in a range of R11.46/USD – R12.46/USD, R14.23/EUR - R15.23/EURand R15.98/GBP - R16.98/GBP.