The rand traded in positive territory, holding below the 15,3000 level.
The rand ends the week trading around the 15,3000 level; technically, this remains the pivot level for any extension in either direction.
The advent of Covid-19 gave many organisations no choice but to adapt and adopt, whether they were ready for it or not. More than ever before, it enabled first-time customers to initiate and fulfil their buying journeys digitally, experiencing first-hand what an ‘always on, 24/7 digital economy’ could feel like.
The rand stages a modest recovery from the previous session’s highs, although it remains vulnerable as the USD stages a broad-based recovery.
The rand trades on the back foot as broad-based USD buying triggers stop losses and the USD posts gains across the board.
The rand has continued trading towards the recent lows, although the momentum to the downside has stalled around the 15,0000 level, this as the markets await the outcome of the MTBPS.
The rand again posted gains despite challenging local factors; technically, further gains towards the 14,7000 level are possible.
The rand continues on its improving trajectory despite buoyant US jobs data.
Market focus today will be firmly on the US data releases; ahead of that, we expect markets to be cautious and illiquid.
The rand resisted any moves beyond the 15,5000 level after the FOMC meeting, trading firmer to the current levels sub-15,3000.