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CD South Africa: Rand holds its own

Currencies Direct May 22nd 2015 - < 1 minute read

The rand stood strong yesterday as the SARB Governor announced that interest rates will remain unchanged. There was not much surprise at the announcement, but the hawkish speech could mean we see a rise before November. The rand faces risk from the US today as it aims to break the 11.77$ resistance level. US inflation figures released at 14h30 and a speech from US Federal Reserve Chair Janet Yellen this evening is what the local unit will have to deal with in order to close out the week. Have an awesome weekend folks!

Commentary by Justin Lodewyk

Written by
Currencies Direct

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