Rand strength

[Observer101]

Seems the Rand has bottomed round R6.90. Any comments!

[destech]

I would say not. OMO - I don't see a clear support level for USD-ZAR at or below 690.

[barry_1]

Hopefully it will stay weaker for a couple of days,since i bought an AGL call warrant t'day.How ever with all the money still flowing in from overseas the Rand is likely only to slowly weaken over the next six months,there after the rate of weakening is likely to pick up ,taking into consideration our balance of payment deficit.

[destech]

Correction - there is support at 690, but it is a downward (rand strengthening) trend. Short term I expect ZAR to weaken to ~720, then pull back to a little under 690. Medium term (2-3 mths) target 640. OMO! (OMO = the new super improved 2007 version, now with added whiteners and softeners!)

[Observer101]

Thanks for the comments. Is OMO a software package? I have heard market commentators say the rand takes a direction and runs in that direction for 2 or 3 months and then it turns in the other direction again and runs for 2 or 3 months and so on and so on. Any comment on that? I am also of the opinion that this is a short term swing(weakening) for the Rand. Once dollar weakens and Gold starts running again the rand will strengthen a lot.