The rand was mixed against major global currencies shortly before midday on Thursday, waiting for clarity on the status of President Jacob Zuma, and as volatility returned to global markets. The rand has weakened above R12 to the dollar, amid a recovery by the greenback. Globally, sentiment was risk-off, after US legislators reached a preliminary deal on the US budget ceiling, possibly adding $300bn in spending over the next two years. This resulted in rising yields for US treasuries, something that had recently prompted a sell-off on global markets. Analysts, however, had commented on the remarkable stability of most emerging-market currencies during a significant drop by most equity markets on Monday and Tuesday. The fact that the dollar was now beginning to react to rising treasury yields did not bode well for emerging-market currencies, due to the current uncertainty in the market, said TreasuryOne currency dealer Andre Botha. The opening of the Dow later on Thursday should be c...
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