The Rand has strengthened to R17.9 per US dollar, approximately at the same level as in March 2023. However, we expect the Rand to trade sideways for another week until the interest rate announcements are made.

The Brent crude oil price is trading lower at $71.4 per barrel. Since last Monday, the Brent crude oil price has decreased by about 8% due to the weakening demand for oil from the US and China as their economic growth begins to slow. Saudi Arabia has also lowered its official selling price, indicating weak demand in Asia. Additionally, Libya’s production is expected to increase soon, which has forced OPEC to delay the proposed 180,000 barrels per day increase until December, hoping that demand will improve by then. This is putting significant pressure on oil prices.