G-20 meeting helps rand crack R12.70/$
The rand looked set for its fourth day of strengthening on Monday, trading at R12.68/$, R13.65/€ and R15.71/£ at 6:30am.
Reasons for the dollar weakening included recently appointed US Treasury Secretary Steven Mnuchin sticking to President Donald Trump’s protectionist policies at a meeting of the world’s 20 largest economies in Germany at the weekend.
To avoid antagonising the US delegation, other Group of 20 (G-20) members dropped planned pledges related to World Trade Organisation (WTO) and climate change agreements, according to reports.
Gold gained 0.42% to $1,234/oz and platinum 0.3% to $967/oz.
On what is likely to be a quiet trading day ahead of Tuesday’s Human Rights Day holiday, the JSE received no clear signals from stock exchanges trading ahead of it.
Hong Kong’s Hang Seng index was up 0.57% while Sydney’s S&P/ASX 200 was down 0.59%.
No JSE-listed company or South African statistical releases are scheduled for release on Monday.