The rand was marginally weaker against the dollar on Tuesday morning amid speculation of a possible Cabinet reshuffle and policy developments in the US. The local currency started the weak weaker at R13.40 to the dollar, after having rallied to R13.20/$ last week on market jitters over the Trump administration. Talk of a possible Cabinet reshuffle that could see former Eskom CEO Brian Molefe replace Pravin Gordhan as finance minister put further pressure on the rand. Rand Merchant Bank’s chief currency strategist, John Cairns, said the market would be able to handle a minor Cabinet change with only mild losses but "any changes that would affect Treasury would be another story". He said the offshore environment also provided a neutral to mildly negative environment for the rand. US President Donald Trump fired acting attorney-general Sally Yates after she refused to execute his order to suspend immigration from seven countries. Despite relatively upbeat economic data from the US, the...
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