The rand traded firmer on Thursday afternoon, but one economist says the move has little to do with South Africa's local government elections, because votes are still being counted.
The rand was at R16.40 to the US dollar in afternoon trade, up 0.07%, according to market data reported on Thursday. It was at R22.08 to the pound, down 0.19%, and R18.41 to the euro, down 0.18%. Our report on Wednesday had it near R16.60.
An analyst's view
Maarten Ackerman, chief economist at CAM Asset Management, said: "The strength in the rand from Thursday morning has got nothing to do with the South African elections. It's too early. Votes are still being counted."
The US midterm election results appear to have helped sentiment. Democrats won control of both chambers of Congress in the vote held on Tuesday, according to the market report. Bianca Botes was quoted as putting the US dollar index near 101.2. Peter Little of Anchor Capital said Democratic control of Congress adds policy considerations around spending, regulation and technology.
Oil and gold
Brent crude was at $96.76 a barrel at 2.11pm, up $2.14 or 2.26% in the session, after trading near $93.70 at one point. Gold was at $4,119.05 an ounce, up 1.47%.
Benjamin Newton, an investment manager at Credo, said: "If we do get progress on Iran and lower oil prices, the ramifications stretch well beyond energy."
What to watch
Currency moves can reverse quickly, and the final local election results are expected by the weekend. The Reserve Bank's next interest rate decision is on 19 November.
