Rand weaker despite dollar and pound weakness on Trump and Brexit factors
The rand was weaker against global major currencies before midday on Monday despite dollar and pound weakness. The dollar has slid since president-elect Donald Trump failed to give clarity on his plans to stimulate the US economy. In the UK, investors worry about the possibility of a hard Brexit. In a speech on Tuesday, Prime Minister Theresa May is expected to detail her government’s priorities in quitting the EU. TreasuryOne dealer Andre Botha said that with Trump’s inauguration looming the dollar seemed to be "treading a bit of water" thanks to his less than convincing media briefing. At 11.36am, the rand was R13.6384 to the dollar from Friday’s R13.5442 close, R14.4441 to the euro from R14.3793 and R16.4707 to the pound from R16.2623. The euro was at $1.0591 from $1.0605.
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