Lately, the rand has been at the mercy of metal prices and yesterday, and today, were prime examples of that. Gold will determine the direction for a while.
The gold price is still up there and platinum is still trading above $1,000. That still points to a stronger rand. We could see a sharp weakening in the rand if the commodity prices lose steam.
The gold price at these levels still helps the rand immensely. It's still pretty good going for the rand.
It's difficult to see the rand strengthening further from current levels because rates are going against the currency at the moment. The interest rate outlook favors the dollar over the rand.
It's been an impressive start to the year, the strength has been amazing. The strong commodity prices have made a big contribution.
