The rand was slightly weaker against the dollar on Monday morning ahead of the national budget on Wednesday. Rand Merchant Bank (RMB) analysts said in a note that the rand was going to struggle this week due to caution ahead of the budget. They said that the rally the local currency had enjoyed during the past week had been broken. Monday is expected to be slow day on the market due to a public holiday in the US. Political risk was also playing a role in rand volatility. TreasuryOne dealer Phillip Pearce said the reports of Brian Molefe being nominated by the North West for an MP position added to speculation of an imminent Cabinet reshuffle. "Although the ANCYL’s [ANC Youth League’s] call for [Finance] Minister Pravin Gordhan to be replaced, the likely change will be an axing of Deputy [Finance] Minister Mcebisi Jonas, with either Molefe or Sfiso Buthelezi replacing him," said Pearce. Pearce said the appointment of either Molefe or Buthelezi would make it considerably more difficul...
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