The rand was slightly weaker shortly before midday on Tuesday, but within tight ranges, as the euro firmed slightly against the dollar.The rand has been slightly weaker to the dollar this week, but has not matched losses by some of its emerging-market peers, despite a series of risk events this week.The Reserve Bank will announce its latest monetary policy decision on Thursday, while on Friday, ratings agencies S&P and Moody’s are expected to release their latest reviews of SA’s credit rating.Relative to other risk currencies, the rand looked overly strong and the only explanation for this out-performance is a growing optimism about a victory by Cyril Ramaphosa in the ANC’s elective conference in December, Rand Merchant Bank analysts said. This was somewhat justified, but the risks are still high.The euro, which the rand usually tracks, was under pressure after the collapse of German coalition talks at the weekend. This has raised the possibility of another election in Europe’s larg...
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.