The Rand was stronger on Monday, supported by a weaker dollar, ahead of a week headlined by the national election and featuring an interest rate decision.
Global markets await US inflation data this week which could give hints on the interest rate path of the world’s biggest economy. South Africans will vote in national and provincial elections on Wednesday. Polls suggest the governing African National Congress could lose its parliamentary majority for the first time since the end of apartheid in 1994.
“There is still plenty of scope for volatility through the second half of the week, as the market will need to navigate a SARB policy update and digest exit polls closer to the weekend,” Greeff said.
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