The South African Rand treaded water most of last week trading in a tight range of R7.5250 to R7.59 for the first part of the week. On Thursday it finally got some direction as the issues in Greece continue do be drawn out and political leaders there having to further satisfy lenders of the bailout with increased austerity measures. The Rand traded up to about R7.67 on this increased uncertainty in Greece, and then on Friday the SA Reserve Bank said it was making a special announcement on Saturday which spooked the markets as there were immediate concerns about changes to monetary policy or leadership while markets were closed. Instead the announcement was a commemorative and one where Nelson Mandela's picture is to appear on SA bank notes to commemorate his release from prison. The Rand weakened to R7.78 in late Friday trade, but has already recovered to 7.67 on Monday morning.

Expect continued volatility as the powers that be in the EU have to approve the lates Greek plan, and as one commentator put is the Euro is "skittish and rumour driven".