The rand lost some momentum during the course of the week, after averaging around R11.75/USD last week and at the time of writing had pierced the R12.00/USD barrier as mounting tensions between the U.S. and China, caused risk-averse sentiment to prevail in the market, negatively affecting emerging markets. Heightened concern that President Trump’s protectionist policies, may initiate a trade war which could impede global growth and therefore demand for commodity exports, could negatively affect the currency.

In the week ahead, the rand is expected to trade in a range of R11.59/USD – R12.59/USD, R14.29/EUR - R15.29/EUR and R16.43/GBP - R17.43/GBP.