The rand was weaker against major global currencies on Monday afternoon, with both global events and local news providing few reasons to cheer.Disappointing Chinese economic data earlier, the expectation of the US’s imposition of sanctions later in the week and a disappointing reading of domestic manufacturing confidence, were among the factors weighing on the local currency.The euro was also on the back foot against the dollar, ahead of critical talks between the members of German chancellor Angela Merkel’s government on Monday afternoon.This sent the yield on German bonds to their weakest level in five months, while European equity markets were also lower.The question at hand was why the euro had not weakened even further, given the spate of bad news, said BK Asset Management MD Boris Schlossberg. This resilience was perhaps suggestive of the fact the market was expecting German politicians to compromise on the issue of migration, given the likely economic consequences of not doin...
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