The Market is still being swayed largely by both the US fed and the US election as November 8 edges closer and closer….
The Rand is currently drifting in R13.70’s with no clear direction as all the volatility of the past few weeks has all but died away. The incessant talk of the Fed has done the opposite of Rand volatility and rumours are abound that the Fed could hike in December.
These rumours make tomorrow’s Non-Farm Payroll number more important and we can see huge volatility when the number will be released as a good number will almost lock in a rate hike for December. Expect the Rand to chase quite close to the R14.00 level should the number goes against Emerging Markets.
The South African Reserve Bank Governor, stated yesterday that the Rand is undervalued according to the Reserve Bank and this, while we agree with the statement, is not a guarantee that the Rand will strengthen.
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Andre Botha in conversation with eBizRadio’s Nick von Stein
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