Rand stable as market watches for local data, and load-shedding
The local currency is steady after a steep fall on Monday, with geopolitical developments and domestic data in focus
The rand was benefiting from the return of calmness to global markets on Tuesday morning, finding stability after Monday’s 21c fall against the dollar. There were some positive international developments to give the market some cheer — including the resumption of trade talks between US and Chinese officials — although the health of SA’s economy is also in the spotlight. At 9.30am the rand was 0.11% firmer against the dollar at R14.369, but flat against the euro and pound at R16.344 and R18.068 respectively. The euro was 0.17% stronger at $1.1374. At the same time, the bid on the local 10-year government note was at 9.22% from 9.155%. A flurry of negative international economic and political news had put global risk assets under strain on Monday, including news that UK Prime Minister Theresa May had failed to secure backing for her draft Brexit deal from her party, raising the chances of no-deal divorce from the EU. The US-China trade war and political protests in France are also dec...
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