The rand was firmer on Monday morning as the it capitalised further on the gains made last week. The local currency had it best week against the dollar so far this year, strengthening 3% against the greenback since last Monday. The strength was due to the slightly dovish stance the US Federal Reserve took on further increases in 2017, even as it increased rates last Wednesday. Nedbank Corporate and Investment Banking (CIB) analysts said rand appreciation had been remarkable and the local unit had managed to hold on to its gains. The rand was flat against the euro as the common currency remained subdued ahead of French elections and the possibility of a first-round win by right-wing candidate Marine le Pen. It is not a busy day on the economic data front, although members of the Bank of England (BoE) will be speaking later in the day. Nedbank CIB analysts said true market activity was likely to resume only on Wednesday as Japan had a holiday on Monday and local markets would be close...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.