Rand slips a fraction as Turkish lira falls again
The local currency is taking its direction from offshore events in the absence of major data releases, with the Turkish lira resuming its slide on Monday
The rand was marginally softer against major global currencies on Monday afternoon, seemingly taking its cue from slight risk-off sentiment towards emerging markets. The euro was somewhat range-bound against the dollar, with markets still digesting commentary from US Federal Reserve chair Jerome Powell on Friday, and the state of the US-China trade war. Concern that SA may be in US President Donald Trump’s cross-hairs over land reform could still be denting sentiment, but it was likely that other factors were at play, including a resumption of trading on Turkish markets after a week’s holiday, said FXTM analyst Jameel Ahmad. Last week, Trump tweeted about farm murders and land seizures in SA, and while the rand weakness was attributed to a stronger dollar, analysts said the issue still added an element of uncertainty for the local currency.
Most of the rand’s emerging-market peers were little changed against the greenback on Monday, with analysts noting previously the rand see...
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