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.

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).

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.

[EU sanctions] would affect U.S. importers [those products] first. But if the EU retaliates [by imposing its own trade tariffs] it could hurt any company [in the import-export business]. We don't know which categories they would choose to sanction.

I support the view that free trade in goods and services is a win-win situation. I'm not so convinced that free flows of capital without restriction is a win-win situation.