Rand holds gains against beleaguered pound
The fallout from the failure of the UK's Brexit plan is on traders’ radars, overshadowing SA's divisive land reform debate, which has previously hurt the rand
The rand was relatively stable on Friday morning, and headed for its best week against the beleaguered pound in about nine weeks. The fallout from the failure of the UK's Brexit plan is on traders’ radars, overshadowing the controversial and divisive land reform debate, which has previously hurt the rand. "May has seen her plans for 'Shmexit' torn apart: that is what one could dub a Brexit that is literally leaving the EU, but which in no way regains sovereignty in key areas, and which might be impossible to ever change further unilaterally," UK-based Rabobank International analyst Michael Every said in a note. "Indeed, we have seen a swathe of key ministerial resignations, and suggestions there are enough MPs’ votes in hand to trigger a leadership election as soon as next week." The pound tanked against a host of currencies on the news, but has since stabilised at lower levels as markets await further developments. The rand has benefited from the ensuing market volatility, settling...
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