The rand firmed amid a mixed performance by its emerging-market peers on Friday afternoon, but may ‘wander aimlessly' on global risk sentiment’
The rand was firmer against major global currencies on Friday afternoon, on track for its second week of gains against the dollar.
While local markets are closed on Monday, the week ahead is a busy one, seeing both local inflation data on Wednesday, and a US Federal Reserve monetary policy announcement. With severe fluctuations in the rant, short-term strength should be used as a buying opportunity as biases still lean towards a weaker rand by the end of 2019.”he state of the nation address is due on Thursday, with President Cyril Ramaphosa expected to announce plans regarding how to re-ignite economic growth, as well as the future of state-owned enterprises.
The rand has found some support this week from a rising gold price, which has pushed to a 2019 high. A higher gold price provides support for the rand, as the precious metal is a key foreign exchange earner for SA. Spot gold was last seen 5.53% higher at $1,351.42/oz, with platinum adding 2.35% to $810.66.
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