Why the rand is so strong (near 20-month high; despite the US rate hike)

When I speak to investors overseas; they’re almost ignoring the political noise. All emerging markets have political issues!

Greg Kennelly, Rand Merchant Bank

The rand has powered to levels not seen since August 2015 after the US Fed announced an interest rate hike.

Following the Fed announcement, the rand was trading at R12.72.

Most economists expect two more US rate hikes this year.

At 5:15pm the rand was trading at R12.73.

The Money Show’s Bruce Whitfield interviewed Rand Merchant Bank Currency Trader Greg Kennelly.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Everyone anticipated the Fed hike.

Greg Kennelly, Rand Merchant Bank

Yellen came out more dovish than expected.

Greg Kennelly, Rand Merchant Bank

South Africa is a good investment.

Greg Kennelly, Rand Merchant Bank

The South African Reserve Bank won’t be aggressive in cutting.

Greg Kennelly, Rand Merchant Bank

I’m very bullish on South Africa!

Greg Kennelly, Rand Merchant Bank

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Article brought to us by Old Mutual.


This article first appeared on 702 : Why the rand is so strong (near 20-month high; despite the US rate hike)


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