The rand weakened on Wednesday morning as global risk appetite abated. The mild retreat in the rand mirrored those of its peers in other emerging markets, and their pullbacks suggest a consolidation after a recent rally. The local currency strengthened to R13.04/$ before losing ground in line with the Turkish lira and Mexican peso. Meanwhile, the dollar remained under pressure on global markets amid rising political temperatures in the US following reports that Donald Trump shared classified intelligence information with Russia’s officials, raising doubts whether he would be able to push through his fiscal agenda has previously boosted markets. "All the ‘Trump bump’ post-election gains in the dollar have now been given back in this dramatic move, which started last week," Rand Merchant Bank currency strategist John Cairns said in a note. At 9.26am, the rand was at R13.1481 to the dollar from Tuesday’s R13.0576, at R14.5883 to the euro from R14.4752 and at R16.9821 to the pound from ...
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