Trade report 18/11/2013
ZAR outlook
USD/ZAR expected range: 10.1100 – 10.2500
The Rand has managed to remain steady against the USD over the week-end and this morning at 09:00GMT was trading at R10.1600/$, much the same as it’s close in New York on Friday evening. General feeling at the moment is that the market is favouring high yielding emerging market assets which should take the pressure off the Rand for the moment.
Local news
With South Africas trade deficit having been drastically reduced last week, it will be interesting to note what the SARB will announce when it’s rate decision is released on Thursday at its last policy meeting for the year. General feeling is that the interest rate will remain unchanged with the market already having priced in a “no change” stance.
International news
Internationally the week ahead looks to be dominated by US data releases as well as numerous Fed members due to speak. News out of China which is seen as pro-market will be good news to emerging markets as EM currencies look to take back some of their losses over the past two weeks.
TODAYS KEY DATA POINTS (GMT):
• 10:00 SA BER consumer confidence
• 09:00 EZ Current account sa (EUR)
• 10:00 EZ Trade balance sa (EUR)
• 14:00 US Net long term TIC flows (USD
• 15:00 US NAHB Housing market index
• 17:15 US Fed’s Dudley speaks
• 18:30 US Fed’s Plosser speaks
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