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The South Africa reserve bank gave the strongest signal yet as they announced to keep the repo rate unchanged for the fourth consecutive MPC meeting. This remains the lowest level since the introduction of the repo rate in 1998.

This decision on top of the buoyant dollar resulted in some Rand selling and a breach of the 15.00 level running towards 15.10, however this move was short lived with an equity rally and slight risk on feel we find ourselves back at 14.95 this morning. We are likely to follow global trends and dollar direction into the weekend, given the fact the dollar has risen for 3 days.

Gold retreated slightly yesterday on the back of the stronger Dollar but is holding steady this morning at $1,728.

As we head into the weekend the ZAR is currently trading at 15.08/USD

Reserve Bank sends strong signal rate-cutting cycle is over

And touts possible increase as early as the second quarter of this year.
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