If the gold price can sustain its latest surge then I think the rand will enjoy a bit of short-covering into the weekend. I would be targeting the mid-teens, around 6.13/dollar.
"Michael Fayat Keenan", Australian politician, was elected to the Australian House of Representatives/House of Representatives as member for the Division of Stirling, Western Australia for the Liberal Party of Australia at the Australian federal election, 2004/2004 federal election. Keenan has been the Minister for Justice (Australia)/Minister for Justice in the Abbott government since 18 September 2013.
More Michael Keenan on Wikipedia.A rise in global demand, the relatively low cost of capital and a weaker rand have all helped lift manufacturing.
I think it was pretty neutral from a rand perspective but he did a paint pretty optimistic outlook for the rand.
What is remarkable about this growth is that it is coming off a high base.
This says to me we could see some inventory replenishment in coming months. As a consequence, I think the manufacturing sector is still in an upswing phase.
If you look at the subcategories, you see a backlog in sales orders while inventory levels are down and purchasing commitments are up.
We're targeting 6.20/dlr though that will be a tough level to break, but if it does it may target to 6.14/dlr.
The dollar stopped firming, and combined with high metals prices this has been conducive to a stronger rand.
We have seen strong buying of bonds this week by foreigners. The underlying tone for bonds is to buy into any weakness, which suggests that the market expects bond yields to keep firming in the coming months.
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