The rand was steady at stronger levels in afternoon trade on Monday, as the dollar hovered at the weaker levels it fell to last week. The euro gained a weekly 0.73% against the dollar, halting a rally in the greenback, after the latter reached a monthly best level of $1.1736 on October 5. Investors had a muted reaction to elections at the weekend in Austria and Germany, as well as ongoing concerns about Catalonia, reported Dow Jones Newswires. Austria’s right-wing parties made strong gains in parliamentary elections on Sunday as the far-right Freedom Party won 26% of the vote. Angela Merkel’s conservative party lost in state elections on Sunday meanwhile, marking a setback for the German chancellor. "Neither election is likely to make euro investors feel any more optimistic about more intense political co-operation within the eurozone in the future," said strategists at Commerzbank. Analysts have warned that the rand was overbought at present levels and further gains on the Dow amid...
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