Rand stable as focus turns to G20 summit
The local currency is little changed ahead of US President Donald Trump’s meeting with his Chinese counterpart, Xi Jinping
The rand was stable against major global currencies on Wednesday morning, with analysts expecting the local currency to take the bulk of its direction from the dollar, The mood on global markets is cautious, as investors eye this weekend’s summit that could lend clarity on the future of the US-China trade conflict. US President Donald Trump is expected to meet Chinese Premier Xi Jinping on Saturday, with Trump already saying that he thinks it is unlikely that China will avoid further import tariffs. At 9.10am the rand was flat against the dollar at R13.9201, unchanged against the euro at R15.7199 and flat against the pound at R17.7464. The euro was unchanged at $1.1292.
There is little local news to give the rand direction until Thursday, when producer inflation data for October is due. Over the most recent sessions, the rand has failed to make or consolidate any meaningful gains, despite a sustained inflow of dollars, said Nedbank Corporate and Investment Banking analysts. “I...
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