The Rand lost some of the ground it has gained over the last few trading sessions, sliding back above R14.70 after testing R14.61 in early trade. The market is eagerly awaiting the ECB annoucement on interest rates tomorrow (Thursday). The market wants to see if the ECB has turned even more dovish. As we expected earlier, the Rand coughed up some ground against the major currencies with the currency currently around the R14.75 level.
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