JOHANNESBURG - After the brief rally following the appointment of Tito Mboweni as Finance Minister, reality has set in for the rand according to Bianca Botes, Corporate Treasury Manager at Peregrine Treasury Solutions.
The strong dollar remains supreme, not allowing emerging markets to claw back any lost ground while the backdrop remains largely unchanged.
Profit-taking ahead of the Moody’s announcement on Friday is visible in the market. For its part, Moody’s is expected to keep the ratings unchanged.
Gold, mining and manufacturing production due today are set to remain subdued, while US initial jobless claims will stimulate volatility in afternoon trade.
The rand is at R14.73/$ and the range for the day is R14.66 to R14.85.
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