| USD
An upbeat start to the week for the dollar as it reclaimed its position. It reversed some of its losses from Friday’s session as risk was left on the backfoot, triggering flight to safety as investors waited on the sidelines for cues ahead of the Russia-Ukraine talks which proved to be a non-event, ending with no consensus . As a result, the dollar failed to maintain earlier gains and closed the session softer at 96.707$ after reaching a high of 97.42 EUR The single currency lacked conviction in yesterday’s trading session and ended the day marginally lower compared to its previous close, weighed down by a stronger dollar environment buoyed by risk aversion as peace talks between Russia-Ukraine were underway which ended with no impetus. The common currency closed the session at $1.1214 and reached a low of $1.1128. GBP The pound started the week with resilience up on its sleeve, posting additional gains as it found support on fresh expectations that the BOE will hike rates by another 25Bps in their next policy meeting in March. The sterling closed off the session at $1.3420 after reaching a high of $1.3431. ZAR The rand was on the losing end on Monday, failing to build on the last sessions strengthening momentum in the new week. Weighed down by the effects of mounting sanctions against Russia, the rand fell victim to waning risk-on sentiment as the geopolitical tensions between Ukraine and Russia continue to rock global markets. National Treasury’s report of a narrowed budget deficit in the month of January offered the rand little reprieve on the day as the local unit traded under pressure for the better part of the session. The rand touched a high of R15.4933/$ before retracing some of its losses to end the day at R15.3614/$. We have an array of key international data releases from Germany, UK, as well as the US due throughout the day. We are thin on the local data cards for today and expect the rand to remain vulnerable to global market factors. Expected ranges for the day:
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