It's been an impressive start to the year, the strength has been amazing. The strong commodity prices have made a big contribution. |
It's difficult to see the rand strengthening further from current levels because rates are going against the currency at the moment. The interest rate outlook favors the dollar over the rand. |
Lately, the rand has been at the mercy of metal prices and yesterday, and today, were prime examples of that. Gold will determine the direction for a while. |
The gold price at these levels still helps the rand immensely. It's still pretty good going for the rand. |
The gold price is still up there and platinum is still trading above $1,000. That still points to a stronger rand. We could see a sharp weakening in the rand if the commodity prices lose steam. |