The rand was softer against major global currencies on Monday afternoon, losing more than 1% against the pound, after news of a breakthrough in the UK’s negotiated exit from the EU.Reports on Monday suggested the EU had agreed to a two-year transition period for the UK when Brexit kicks in from 2019, reported Dow Jones Newswires.A large number of issues had been settled, according to reports, including the transition period when EU laws would continue to apply, significantly reducing the prospect of a so-called hard Brexit.Earlier the rand was under general pressure, with other global risk assets, ahead of a number of events this week.The primary international event is the US Federal Reserve’s latest stance on monetary policy on Wednesday.Locally, ratings agency Moody’s will make its latest pronouncement on SA’s sovereign credit status on Friday, although it is widely expected to refrain from downgrading the country further.There are also some significant data releases on Tuesday, i...
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