The South African rand strengthened to around 17.2 per USD, its highest level since October 28, supported by higher prices of gold, amid expectations of Federal Reserve rate cuts. At the same time, risk sentiment improved on optimism over efforts to end the longest US government shutdown. Domestically, attention is on South Africa’s mid-year budget statement due on November 12, where Finance Minister Enoch Godongwana is expected to signal a slightly improved fiscal outlook, although growth projections may be revised downward. He is also anticipated to endorse a new 3% inflation target, narrower than the previous 3–6% range.