ZARUSD – Rand Trades Sideways Ahead of Inflation
The South African Rand (ZARUSD) traded in a range against Western currencies on Tuesday, ahead of the April inflation rate figure due for release.
The local unit is trading rangebound this morning, quoted at R16.65 to the US dollar, R19.37 to the euro and R22.32 to the British pound.
The yellow metal is little changed this morning as market participants continue to assess developments in the Middle East following reports that the United States has paused an attack on Iran.
This morning, gold is trading at about $4 540/ounce, enjoying relative stability after Gulf leaders stepped up to negotiate Middle East peace talks.
Oil prices are stable this morning, following last week’s strong rally. The United States’ military retreat fuelled optimism that negotiations between the United States and Iran could restart.
This morning, Brent crude oil is trading at $109.81/barrel.
On the economic calendar, Euro Area balance of trade figures is due out at 11:00, while South Africa will hold its 2033, 2038, and 2044 bond auctions at 11:30.
The market also anticipates that the United States will release ADP employment change numbers, followed by pending home sales data. ZARUSD – Rand Trades Sideways Ahead of Inflation Why the Bond Market Suddenly Matters More than Nvidia
