The pound trended broadly lower through June, the currency being primarily undermined by concerns over the UK’s economic trajectory.
Today, however, is all about the South African Reserve Bank as it announces its interest rates at 15h00. Expectations are mixed as markets are split between a 25 or 50 basis point rise, with the latter more likely to aid the rand (at the expense of consumers). On the data calendar we also have UK GDP (11h30), US durable goods (15h30) and US pending home sales (17h00).
Commentary by Justin Lodewyk