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After slowly ticking stronger this week, the rand looks likely to end the week on a high

by , 15 August 2014

So far this week, the rand has managed to edge higher. The local currency is benefitting from easing geopolitical tensions. And jobs data out of the US gave the rand an unexpected boost.

Let's take a closer look at what's going on with the rand…

It’s been a good week for the rand

The rand is getting closer to its longstanding resistance level of 10.50 to the dollar, says Fin24. The local currency has “notched up five days of daily gains against the dollar”.

Yesterday, the US revealed that the number of jobless claims climbed, adds Fin24. This gave the rand some renewed impetus as it climbed “to its strongest levels since July 28”.

The jobless claims data showed a rise of “21,000 to 311,000 in the week ended August 9, notes BDLive. This was far worse than economist forecasts of 295,000.

But there’s a chance the rand could take a knock later on today, reports BDLive. The US is due to release its “produce price index (PPI) figures for July”.

Easing geopolitical tensions are helping emerging markets out

Helping the rand out, along with other emerging markets, is easing “tensions in eastern Ukraine,” notes IOL. This is thanks in part to presidents of Ukraine, Russia and the European Commission agreeing “to hold talks over gas and trade agreement disputes”.

A currency trader at Standard Bank, Oliver Alwar, says if “the rand can get a weekly close below the 10.50 level, a more pronounced move lower could develop,” says Fin24. He expects the rand to trade between R10.50 and R10.63 today.

At time of writing, the rand was trading at 10.56 to the dollar, 14.14 to the euro and 17.63 to the pound.

If US PPI comes out worse than expected, the rand could make strides past R10.50.

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After slowly ticking stronger this week, the rand looks likely to end the week on a high
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