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Rand is up 0.72% versus the Dollar

RAND

USDZAR is now down 0.72% in early trading, with the Rand 2nd best performing currency against the Greenback in EM.

  • Some liquidity is returning, with SA back from their "Heritage Day" yesterday, although as desk note, a few market participants will have likely booked a longer weekend.
  • News that US Democrats are drifting a stimulus proposal that they could take for possible negotiations is helping EM somewhat, despite the limited upside in Equity during our early European session.
  • immediate support comes at Thursday's low at 16.7695.
  • Looking ahead, the key event is the Mid Term budget, which will be delivered by Finance Minister Tito Mboweni on 29th October
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