The Rand advanced against rivals Wednesday after official data took the market by surprise when it cast China's economy in a resilient light for the first-quarter, prompting traders to bid for the China-sensitive Rand but analysts at Standard Bank say the South African unit will rise further over the coming weeks and months.
The South African Rand is being tipped to endure a tough first half to 2019 by one of South Africa's largest lenders, Standard Bank. However. The second half of the year should see the currency stage a decent comeback.
The Pound-to-South African Rand rate was trading around 19.00 on Monday, up a fraction from its Friday close, and studies of the charts suggest there is scope for the market to go on trending higher over the coming day.
The Pound-to-South African Rand rate was trading 19.13 Monday after rising 1.9% during the previous week before and, although the exchange rate remains in a clear uptrend, a short-term period of consolidation cannot be ruled out for the days ahead.