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The rand held on to its gains on Tuesday morning as the global market buoyancy in the wake of the results of the first round of the French presidential held sway.
The victory of pro-EU French presidential candidate Emmanuel Macron at the weekend engendered a sense relief among wary investors who still have fresh memories of the Brexit vote that shook the markets
Macron beat anti-EU candidate Marine le Pen, raising the hope that the EU will stay intact. The two candidates will square off in the final round of the poll on May 7.
"It will be interesting to see whether the same complacency that left us surprised last June — when the UK voted to leave the EU — creeps back into the markets in the coming weeks," Oanda senior market analyst Craig Erlam said.
The rand pushed to highs of R12.87/$ as global risk appetite took hold, making another giant leap from lows R13.95/$ a little more than a week ago. A strong rand helps to keep inflation in check and may help take the pressure off the Reserve Bank’s monetary policy committee when it decides on interest rates in May.
At 8.51am the rand was at R12.9720 to the dollar from Monday’s R13.0184 and at R14.1182 to the euro from R14.1488 and at R16.6090 to the pound from R16.6530.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Rand holds on to gains as risk appetite returns
The rand held on to its gains on Tuesday morning as the global market buoyancy in the wake of the results of the first round of the French presidential held sway.
The victory of pro-EU French presidential candidate Emmanuel Macron at the weekend engendered a sense relief among wary investors who still have fresh memories of the Brexit vote that shook the markets
Macron beat anti-EU candidate Marine le Pen, raising the hope that the EU will stay intact. The two candidates will square off in the final round of the poll on May 7.
"It will be interesting to see whether the same complacency that left us surprised last June — when the UK voted to leave the EU — creeps back into the markets in the coming weeks," Oanda senior market analyst Craig Erlam said.
The rand pushed to highs of R12.87/$ as global risk appetite took hold, making another giant leap from lows R13.95/$ a little more than a week ago. A strong rand helps to keep inflation in check and may help take the pressure off the Reserve Bank’s monetary policy committee when it decides on interest rates in May.
At 8.51am the rand was at R12.9720 to the dollar from Monday’s R13.0184 and at R14.1182 to the euro from R14.1488 and at R16.6090 to the pound from R16.6530.
The euro was at $1.0883 from $1.0869.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.