Rand weaker ahead of European Central Bank’s interest rate announcement
The rand was slightly weaker against the dollar with the European Central Bank’s announcement of its interest rate decision. The bank is expected to take a dovish stance, making no major policy changes. TreasuryOne dealer Phillip Pearce said even though inflation was one of the key measures for the bank, it was back around 2% for the first time since 2013. He said the expectation was for the bank to leave the rate as it was. While the attention will briefly be the bank’s decision later today, the US Federal Reserve and its stance on interest rates will remain the central market focus. At 11.32am, the rand was R13.2481 to the dollar from Wednesday’s R13.1423; R13.9862 to the euro from R13.8529; and R16.0985 to the pound from R15.9951. The euro was at $1.0558 from $1.0541.
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