Weak dollar lifts rand, as market eyes Turkey
Euro gains after an upbeat flash purchasing managers index for June showed a pick-up in activity, but Turkish politics and the oil price remain flashpoints
The rand was firmer against the dollar on Friday afternoon, but was somewhat choppy against the euro and sterling, with analysts warning the headwinds for emerging-market currencies remain.International factors were in the driving seat, although some focus is on the ongoing wage negotiations at Eskom.The euro extended recent gains against the dollar on Friday after Germany’s flash purchasing managers index (PMI) for June beat market expectations. It rose to 54.8 index points, against a consensus forecast of 53.5, with the services component of the print providing the biggest surprise to the upside. A reading above 50 indicates expansion.While indicating a pick-up in activity in the second half of 2018, anecdotal evidence suggested the continuing war between the US and China over trade was slowing down activity, said Barclays Research analysts.Trade concerns continue to hover over international markets, as does the oil price, with Brent crude rising on Friday amid signs oil-cartel Op...
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