Rand mixed as dollar consolidates after gains
Currencies are settling after the greenback’s recent run, with focus on Europe, including Brexit talks and the Italian budget deficit
The rand was mixed against major global currencies on Tuesday afternoon, firming slightly against the dollar, but slightly weaker against the euro and pound. All eyes are on the dollar, which rallied on Monday, pushing past the key $1.13 to the euro level. The rand generally tracks the euro. At 2pm the rand was 0.25% weaker to the dollar at R14.4446, 0.08% firmer to the euro at R16.2554 and up 0.33% to the pound at R18.6641. The euro was 0.33% firmer to the dollar at $1.1254. The bid on the benchmark R186 government 10-year note was at 9.25% from Monday’s close of 9.21%. With no further momentum, for now, the euro and dollar could be content to settle a little bit, and the dollar could give up some of its gains should there be progress on the Italian budget front, said BK Asset Management MD Boris Schlossberg. Political issues in Europe, including Brexit negotiations and a conflict between Rome and Brussels over the former’s budget deficit plans, are currently weighing on markets. T...
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