Rand takes advantage of weaker dollar and absence of local political upheaval
The rand turned firmer in late afternoon trade on Monday on a weaker dollar and a respite from negative local political developments, ahead of the upcoming ANC policy conference. The recent strength in the rand has confounded some analysts’ predictions, resulting in some updating their views toward a firmer level. The dollar lost ground against the euro after a debt deal was struck with an Italian bank, boosting market confidence for the euro as debt-laden Italian banks have long been a cause of concern. Markets were waiting for US Federal Reserve chairperson Janet Yellen’s speech on Tuesday, to establish if the Fed was still keeping the hawkish stance expressed after raising interest rates earlier in June. Locally the indications were that some controversial ANC policy stances might be toned down at the party’s conference after the ANC in Gauteng dismissed the concept of white monopoly capital, saying there was "no such thing". At 3.48pm the rand was at R12.8347 to the dollar from ...
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