Month-end data from the Central Energy Fund shows that South African motorists are in store for joy at the pumps in June.
According to Citadel Global director Bianca Botes, with only one day to go before the South Africa elections, the market is taking a wait-and-see approach. Investec chief economist Annabel Bishop also noted that the rand was under pressure due to global interest rate pressures, with the US Fed/s minutes keeping a hawkish tone on interest rates States-side, putting added pressure on the rand.“The lack of significant progress on inflation returning to target in the US—which has an implicit target of 2.0% y/y—was a dominant theme in the minutes, and has halted the rand’s recent progress towards R18.00/USD,” Bishop said.
According to Bloomberg analysis, Brent futures held above $82 a barrel after dropping 2.2% last week.