Rand strengthens to best level since April as it flirts with R14/$

The rand strengthened on Thursday morning to reach its best level since mid-April, with the local currency testing the R14/$ mark in early trade.

The rand has been supported by expectations that central banks in Europe and the US will cut interest rates, along with strong gold prices and “ongoing carry trade by yield seekers”, Bianca Botes, treasury partner at Peregrine Treasury Solutions, said in a note on Thursday. The currency has also been boosted by SA’s trade surplus in May and a slight improvement in the domestic business confidence index.It later retreated slightly to R14.0265/$, but remained 0.2% stronger for the day. Andre Botha, senior dealer at TreasuryOne.

While the rand was flirting with the R14/$ level, “with the US out of the market, major moves are unlikely, with no major data releases or events scheduled for today”, he added.

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