The rand clung on to most of Friday’s 2% jump, trading at about R13.88/$ on Monday morning ahead of the JSE’s opening. The rand strengthened to R13.78/$ on Friday evening after S&P Global Ratings announced its decision to keep SA’s sovereign credit rating at BBB-, helping the country escape junk bond status. Stock exchanges trading ahead of the JSE on Monday morning were generally weaker as traders digested the weekend’s political events. The euro weakened 0.75% against the dollar and 0.44% against the rand following Sunday’s referendum in Italy which resulted in a "no" vote for Prime Minister Matteo Renzi’s proposed constitutional reform. Renzi said he would resign if Italy voted down his proposals. Renzi’s defeat raised the fear of Italy 5-Star movement forming the next government. A campaign promise of the 5-Star movement is to follow the UK’s example and take Italy out of the EU. Disappointment for EU supporters in Italy was offset in Austria where the Green Party’s Alexander va...
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