The Rand has been bullish ever since the 15 May 2020, From the 14th May, the rands has appreciated by 6.63% against the dollar, THE Resbank MPC dicided to reduce the African repo rates by 50 basis points to 3.75% from 4.25% in a fight against coronavirus.
It is also projected that there will be another 25 basis points cut in the next quarter.
After the MPC rates decision on the 21st May 2020, the Rand gained around 1.83%.
We anticipate theRand to reverse the gains by 4.21% to R18.29 and a break from there would see the Rand trading to the low of R18.57.
This is also supported by the DXY that has been trading lower.
Any break through R17.51 would take the rand to R17.25.
In a long term, we expect the rand to trade to back to R16 level.
Please let us know by comments if you have any queries.
It is also projected that there will be another 25 basis points cut in the next quarter.
After the MPC rates decision on the 21st May 2020, the Rand gained around 1.83%.
We anticipate theRand to reverse the gains by 4.21% to R18.29 and a break from there would see the Rand trading to the low of R18.57.
This is also supported by the DXY that has been trading lower.
Any break through R17.51 would take the rand to R17.25.
In a long term, we expect the rand to trade to back to R16 level.
Please let us know by comments if you have any queries.
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I've Noticed the grammatical errors, please find our sincere apologies
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We are looking at R17.25 level, I break through that and close below will see the market trade to level R17.17 and another break from there it's going for a R16.99 and bounce back higher.