JOHANNESBURG - The rand was caught off guard this weekend, slipping back to levels as weak as R14.20/$, as National Treasury announced a bailout of Eskom on Friday this is according to Bianca Botes the Corporate Treasury Manager at Peregrine Treasury Solutions.
The rand is likely to continue its leg lower today as the Eskom bailout continues to filter through the currency market. At the same time, emerging markets are again feeling the pinch of safe haven purchases as the US/Iran oil debacle strains sentiment.
We have a light data calendar today with some housing numbers and services PMI due from the US.
The rand is trading at R14.19/$, R15.94/€ and R18.40/£ with a technical range of R14.12 to R14.26 expected for the day.
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