The rand was weaker against the dollar in midday trade on Wednesday ahead of Freedom Day on Thursday. Regular trading was only expected to resume next Tuesday after Workers Day on May 1, as many traders were expecting to take Friday off. The rand showed little reaction to a weaker dollar, reaching $1.0951 to the euro on Tuesday, even weaker than the levels it fell to on Monday after the victory by centrist and pro-EU French presidential candidate Emmanuel Macron in the first round of the French election at the weekend. The dollar recovered somewhat on Wednesday morning, but was still weaker (above the $1.09 level) as the market awaited US President Donald Trump’s tax reform announcement on the day.
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