The rand was slightly weaker on Thursday afternoon, while trading in tight ranges ahead of the European Central Bank (ECB) decision on interest rates.The ECB decided to keep interest rates in the eurozone on hold, with the focus now on ECB president Mario Draghi’s usual press conference following the release of the statement on rates. Draghi is expected to provide further detail on steps to wind down the ECB’s quantitative easing programme.In its December meeting minutes, the ECB alluded to the fact that forward guidance could be revisited early this year and that it would need to evolve gradually, which had driven speculation that the message could become more hawkish, earlier than expected.This has driven the euro to three-year highs against the dollar."It remains to be seen how much the market has priced in a more hawkish ECB, and whether the lack of a hawkish shift may weaken the single currency," said Oanda analyst Craig Erlam.At 3pm, the rand was at R11.9095 to the dollar from...
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.