Dollar Bounced Back From 5-day Low Against South African Rand

The US dollar bounced back from European session's 5-day low of 7.3265 against the South African rand in New York deals on Monday. The dollar, which closed last week's New York session at 7.4041 against the rand, is now trading near 7.4163. The next upside target level for the US currency is seen at 7.4716.

In a report released on Monday, the South African Reserve Bank announced that M3 money supply increased 2.67% year-on-year in October, slower than the 4% growth in the previous month. Economists had expected a 3.5% increase.

At the same time, M2 money supply rose 0.87%, slowing from the 2.48% growth in the preceding month, while the M1 money supply growth rate was 1.53%, up from 1.15%.

South Africa's trade balance swung to a deficit of ZAR 6.7 billion in October from ZAR 3.87 billion surplus recorded in September, the South Africa Revenue Service said Monday.

Exports decreased 3.18% month-on-month to ZAR 44.09 billion in October, while imports surged 21.92% to ZAR 50.80 billion.