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South African Rand rallies slightly

South Africa's currency closed a further 1.0 percent stronger at R14.31 on Tuesday as it continues to recover from the…

South Africa’s currency closed a further 1.0 percent stronger at R14.31 on Tuesday as it continues to recover from the post MPC and FOMC sell-off.The Rand is now trading around 4.5 percent stronger than a week ago. 

“We have broken below  R14.30 this morning and is currently trading just below the 100-day  moving average” Andre Cilliers, Currency Strategist at TreasuryONE said in a statement on Wednesday.

The Rand’s move is in contrast to most other currencies which are trading flat ahead of this week’s US employment data.

“But we are getting into an overbought situation with further strength limited” the statement said.

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