CD South Africa: Focus back on Fed

Currencies Direct April 29th 2015 - < 1 minute read

Markets are once again zoning in on the US Federal Reserve's every word as it releases its mid-quarter statement tonight. Keep an eye out for any word as to when the Fed will raise US interest rates. The rand has been tracking the euro stronger as the EUR/USD nears the 1.10 level, propelling the rand to 11.82/$, its strongest level this month. If the euro breaks 1.10 to the US dollar tonight, the rand could strengthen to 11.70 and perhaps begin a trend towards 11.50/$. If the euro fails to break 1.10, we could see the rand remain in the range and return to weaker levels. One thing's for certain, if you have to buy dollars, now is a great opportunity to do it!

Commentary by Gareth Frye

Written by
Currencies Direct

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