Its new month with new pivots and new events to look forward to. With the rand in its current state, it would be crazy to trade it because you never know what might happen.
Due to the finance minister Pravin Gordhans investigation against him, the rand breathed a huge sigh of relief on its long walk to freedom. The rand got stronger by 2percent and is currently at its strongest point since July at 13.49 to the Dollar. This couldn’t have been timed and better as the ratings agaency Moodys is assessing whether South Africa should be dropped to Junk status. So good news will set the Rand free. For the time being there are few events which could either boost or drop the Rand at this point.
31 October 2016
– M3 Money Supply was a positive result on 31 October as it recorded a high 5.64 percent as compared to the forecast of 5.4percent
– Trade balance indicated a stronger return as it went to 6.70B compared to estimated figures of -1.10B
01 November 2016
– Manufacturing pmi rates are at 49.5
– We have unemployment rates coming out at with previous rates at 26.6percent. It could rise due to the high unemployment which will affect the rand.
– The Standard Bank South Africa Pmi discussion is up as well this week.This report contains the latest release of data collected from the new monthly survey of business conditions in the South African private sector. previous figures were at 50.7.