The oil price has dropped significantly in the past week and are currently trading at $78 per barrel. The conflict in the Red Sea has diminished due to the ceasefire, providing more certainty about supply from the region. The expectation that interest rates in America may stay high for longer and lower economic growth figures from China continue to put pressure on prices.

The Rand is now trading at R18.92 per American dollar, and expectations for interest rates for the rest of the year continue to impact the exchange rate due to increased demand for the Dollar at the moment. Economic growth figures in America are still very good, supporting the likelihood of interest rates staying on a higher level for longer.