Trade report 21/10/2013
ZAR outlook
USD/ZAR expected range: 9.6500 – 9.8500
The Rand remained steady over the week-end after the intense week in the markets and the question now is whether or not the ZAR can maintain this into the medium-term. The ZAR was trading at R9.7800/$ at 06:32GMT, in line with the close of markets in New York on Friday evening.
Local news
This week see’s Finance Minister Pravin Gordhan presenting the budget policy statement and investors will be hoping to see progress in South Africa’s attempt to reduce its twin budget and current account deficits, although there is a likelihood that it will also flag some risks pertaining to SA. Statistics SA are also due to release consumer inflation data although this is not likely to impact heavily on the ZAR.
International news
Economic data postponed due to US crisis over the past few weeks will most likely be released in the coming week although dates have not been set for all of them yet. Nonfarm payrolls and housing data will be of key interest as investors watch for clues to the Feds forthcoming policy outlook with regards to QE tapering.
TODAYS KEY DATA POINTS (GMT):
• 14:00 US Existing home sales
• tbc US Wholesale sales m/m
Foreign exchange South Africa – Let one of our professional consultants at Currency Solutions assist you. To know more about how we can help you Contact Us
Want to know where the markets are? View our Live Currency Rates
No comments:
Post a Comment