The rand weakened against major global currencies shortly before midday on Wednesday, with the pending outcome of the ANC national policy conference adding to existing global risk-off sentiment. The ANC was expected to report on the party’s economic transformation committee meeting later on Wednesday, while global sentiment has turned negative after North Korea launched an intercontinental ballistic missile on Tuesday. At 11.31am the rand had reversed marginal gains it made earlier, and was at R13.295 to the dollar from R13.1889, at R15.066 to the euro from R14.9653 and at R17.177 to the pound from R17.0409. The euro was at $1.1332 from $1.1346. Markets were also watching for the minutes of the US Federal Reserve’s June meeting, which were due to be released after the close of local markets. It was widely expected to re-affirm hawkish comments by various Fed officials, Dow Jones Newswires said. The Fed minutes were adding to existing risk-off trade, Rand Merchant Bank currency strat...
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.