Rand mixed as dollar bounces 0.5% against the euro
A rising dollar and the jump in oil prices are grabbing market attention, with the rand weaker against the greenback, but firmer against the euro
The rand was mixed against major global currencies on Monday afternoon, weakening against a resurgent dollar, although benefiting from setbacks for the euro and pound. The dollar has been boosted by last week’s hawkish commentary from the US Federal Reserve. The price of oil rose sharply on Monday, boosted by news at the weekend that Saudi Arabia would decrease exports by 500,000 barrels a day in December. At 2.40pm the rand was 0.24% weaker against the dollar at R14.3673, but 0.26% stronger against the pound at R16.1857 and up 0.12% to the euro at R18.4907. The euro was 0.49% softer against the dollar at $1.1266. The euro and pound were under strain from political developments. Brexit negotiations continue this week, while further developments regarding the EU’s conflict with Rome over the Italian budget deficit are in the offing. The Italian government has until Tuesday to submit a revised budget plan, after its previous one, which contained increased deficit spending, was rejecte...
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