Further gains from here may prove a little difficult as Japanese investors will be looking to take profit from the rally ahead of their year-end (today).

Given the very strong correlation which exists between the trade-weighted rand and the commodity indices, it is extremely difficult to call for a weaker rand in the current environment.

The gold price has taken quite a hit and it does not look like it wants to post any major recovery.

The currency is likely to be guided movements in commodity prices as there's no market moving data locally. The rand will be a touch softer if gold keeps losing ground.

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H-share valuations are quite expensive and heavy profit taking will continue ahead of earnings announcements. Smart investors have already reduced their holdings in these stocks.