South Africa: Rand in for volatile week as SA awaits rates announcement, Moody's By News24
Botha said this is mostly due to the two big events expected this week – the SA Reserve Bank’s interest rate decision on Thursday and Moody’s expected credit rating announcement on Friday.
Botha, in a morning note to clients, said the central bank’s Monetary Policy Committee was expected to keep rates on hold and “probably echo the cautionary tale that the Fed had regarding growth and global conditions”. “The reason for this retreat was first, the fact that European data disappointed which caused concerns to be expressed regarding global growth and second the fact that the Turkish Lira lost over 5% of its value, as there was an unexpected drop in their central banks foreign reserves,” he said.Botha said it was likely that the rand would be range-bound in the interim.
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