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Rand tests R15.00 against the dollar but quickly recovers

Testing the R15.00/$ level, the rand lost strength against the US dollar on Wednesday afternoon, but quickly regained lost ground in the overnight session according to Bianca Botes, Treasury Partner at Peregrine Treasury Solutions

This came largely on the back of uncertainty around the US-China trade war and US Fed chair Jerome Powell alluding to a US unemployment level that could be turning for the worse in the near term. His dovish-leaning testimony pointed to US rates being kept on hold while the economy is growing.

Today we’ll see local mining and gold production numbers being issued, while the EU will share its unemployment and economic growth rates for the region. Out of the US, core PPI data will be released later this evening.

The rand starts the day at R14.92/$, R16.42/€ and R19.17/£.


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