File image: IOL
File image: IOL

WATCH: Rand strengthens during overnight trade

By Compiled by Dhivana Rajgopaul Time of article published May 9, 2019

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JOHANNESBURG - Voting day has come and gone and the rand’s trading pattern remains intact according to Bianca Botes, Corporate Treasury Manager at Peregrine Treasury Solutions. 

A stronger rand is witnessed in overnight trade and non-trading days in South Africa, with the unit reaching a high of R14.30/$ yesterday 

Global markets remain largely focused on the US-China trade dynamic.

The key focus now is on the election outcome while we will keep an eye on data such as local gold, mining and manufacturing production data today, while the US will release jobless claims and PPI.

We expect some volatility in the rand as the election results become known, with an intraday range of R14.30 to R14.48. The rand is currently trading at R14.40/$. 

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