Rand Update

The rand is trading back towards the middle of our wider range, currently floating just above the R18.30 handle. Risk sentiment remains unfavorable for EMs, with most currencies unmoved on a lackluster day. Focus is shifting towards the US inflation print on Wednesday, with inflation expected to ease to 5.5% in April. That said, the dollar is holding its ground against the euro and the pound.

Commodity Sector rebounds

The recent turmoil in the commodity space has seen some reprieve today, with oil prices up over 1.5% on the back of expected OPEC+ production cuts. Gold is stabilizing above the $2,020 mark as recession fears continue to ring in our ears, and risk-off is still visible ahead of the US inflation print. Other metals have also rebounded, with palladium trading back above $1,560 and platinum trading 1.8% higher on the day, as there seems to be ETF buying.

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