Stable rand holds onto overnight Brexit gains
The rand gained about 20c against the pound overnight, after the UK parliament told Theresa May to renegotiate the Brexit deal
The rand was little changed against major global currencies on Wednesday morning, but was holding onto most of its overnight gains against sterling, as markets digested developments in the UK. British MPs told Prime Minister Theresa May to renegotiate the Brexit deal, but the other members of the EU are not interested in reopening the treaty, Reuters reported. At 9.30am the rand was flat at R13.5941/$, unchanged at R15.5428/€ and almost unmoved at R17.7885/£. The euro was flat at $1.1433. “The reality is the UK government continues to walk and talk in circles around Brexit, providing little clarity for businesses as the deadline fast approaches,” said London Capital Group analyst Jasper Lawler. The market, however, has continued to mostly price in the chance of a hard Brexit being avoided, he said. Domestic factors are on traders’ radar screens, with the finances of embattled state power utility Eskom coming up during an indaba between the government and business on Tuesday. Details...
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