The rand failed to breach a resistance level of R13.85/$ this week, but should it break through that, it could push to as much as R13.50/$ as markets price in potential US interest rate cuts, analysts said.
The market may increasingly price in a 50-basis-point cut, and all that stands in the way of this is US economic data between now and the Fed meeting, said Vanguard Markets managing partner Stephen Innes in a note. At 2.25pm, the rand was flat at R13.9575/$, R15.7062/€ and R17.4936/£. The euro was also little changed at $1.1252.
Is that good or bad ?
Crossing fingers
Euro pound currency
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Rand could push to R13.50/$ if market prices in deeper Fed cutsThe rand failed to breach R13.85/$ during the course of the week, but pushed to a five-month high nonetheless
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MARKET WRAP: JSE closes lower but rand gains further on Powell testimonySA bond yields dipped below 8% for the first time since April 2018, while the rand reached an intra-day best of R13.8573/$
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