The rand strengthened in early trade on Monday as tensions in the Middle East underpinned the price of oil and put the dollar on the back-foot. The dollar eased 0.1% against a basket of other major currencies.
There are lots of stresses in global financial markets which risks spilling into rand volatility, but USD/ZAR looks happy around 19.00 and potentially range-bound for the next few weeks,” said Rand Merchant Bank analysts in a morning briefing. Israeli-Hamas tensions have spiked again, prompting the price of oil to jump on concerns that Iran will be dragged into the conflict, RMB added.
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