Rand trades weaker ahead of Donald Trump’s meeting with US congress
The rand was marginally weaker against the dollar on Monday just before midday, with markets in a wait-and-see stance ahead of US President Donald Trump’s meeting with Congress on Tuesday. Trump’s speech should detail the massive fiscal spend he promised during his election campaign, which will grow the US economy. Momentum Securities said market participants continued to be committed to the "pro-growth rhetoric emanating from Washington" creating resilient support for the dollar, while the local currency was also holding its ground and continuing to exhibit some evidence of resistance. Rand Merchant Bank analyst Isaah Mhlanga said if Trump detailed new information and timelines on his economic proposals, it would renew dollar strength. However, if he offered a speech with plenty of promises, short of specifics on the form and timing of these policies, the market would be disappointed and the dollar run would come to a halt and potentially weaken. At 11.32am the rand was at R12.9705...
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