The local currency has firmed to its best level against the dollar in two-months, although a series of risk-events on Wednesday threaten its gains
The rand broke past the psychologically important R14/$ handle for the first time since late February on Wednesday morning, despite numerous reasons for investors to be cautious.
At 10.41am on Wednesday the rand was 0.71% firmer at R13.9884/$, 0.63%better at R15.7671/€ and 0.53% better R18.2904/£. The euro was flat at $1.1272. “Domestically, everyone is waiting for the election next month and the mud-slinging from the various political parties is having little effect on markets,” said Standard Bank currency trader Warrick Butler. “We are all so used to it these days.”
US inflation data for March could also give the market direction, while focus is also on an EU summit, where UK Prime Minister Theresa May will request an extension of the Brexit deadline to June 30.
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