The rand lost momentum after US Fed Chair Jerome Powell took to the podium at his first congressional testimony yesterday.
The local unit opens at 13.27/$ after Powell spoke hawkishly regarding the US economy, raising expectations of further interest rate hikes during the course of 2018. Locally the rand also took a slight knock after Q2 consumer confidence dropped from record highs in the previous quarter, but the data still indicated that consumers are optimistic about the local economy.
On the data calendar today: local inflation and retail sales figures are released, with markets eagerly awaiting the SARB’s interest rate decision tomorrow.
All rates quoted are the interbank rates at time of publishing and shown for indicative purposes only. It is important to note that foreign exchange rates fluctuate and that the rates will vary depending on the amount and product purchased and sold.