China and Europe stimulate the rand

The spotlight is on the rand as the local unit continued its positive run (unlike the Proteas), aiming to end the year on a high. Friday saw China unexpectedly cut interest rates in an effort to boost growth, while European Central Bank President Mario Draghi's 'dovish' tone hinted at possible QE in December or January. The news saw the euro hit its weakest level for 2014 against the dollar and the rand (the local unit did not follow the weak euro, c'mon rand!). Today's trading could be side-ways as markets ready themselves for a host of GDP data releases this week. Enjoy your Monday.

Commentary by Gareth Frye