Newsletter – July 2023 – Issue 134

Local markets are up from 76,000 points to 78,639. Offshore S&P 500 are up 2.96%, NASDAQ is up 3.83%. The rand however has posted big gains against USD and GBP, so our offshore funds in Rand terms have taken a knock.
Why is the rand so strong? Interest rates did not go up and it looks like the Reserve Bank is going to start raising rates back to normal levels. In saying that, our intrepid leaders in government are guaranteed to make some idiotic decisions before the end of the year, which will weaken the rand again.
For those who want to move money offshore, now is a good time to make use of the rand strength.