The bias is still for a firmer rand. I'm still optimistic in the short term.

The rand is still stuck in a range, but with a firmer bias. This has been a function of the renewed rise in precious metals prices. The rand is once again making use of its commodity status.

It makes bonds a little more attractive.

Looking ahead, the CEOs are cautiously optimistic but not as optimistic about the short-term outlook as they were at the end of 2004.

You have to have a long-term outlook on both. But we're optimistic that we can get both of them done in the short-term.

The long term versus the short term argument is one used by losers.