The Rand strengthened significantly over the weekend and is currently trading at R18.57 per US dollar after a lower-than-expected inflation rate provided the South African Reserve Bank with room to maintain its current interest rate stance. South Africa’s annual inflation rate fell further to a two-year low of 4.7% in July, which was below market forecasts of 5%. It is also expected that lower employment figures will be released in the US this week, which could keep their interest rates also sideways.

Brent oil prices remained sideways with the latest price on $85 per barrel, with investors still wary of lower global demand and possible higher supplies especially with the prospect of easing sanctions on Iran and Venezuela.