Rand weakens in risk-off trade
The dollar has strengthened due to investor interest in safe-haven assets, with markets eyeing US-China trade talks this week
The rand was weaker against major global currencies on Monday afternoon, as investors shied away from risk-assets ahead of possible volatility this week. Concern over slowing global trade and uncertainty over the US-China trade war was weighing on sentiment, as US officials headed to Beijing in a bid to iron out a trade deal before a March 1 tariff deadline. An acknowledgement from US President Donald Trump that no meeting was planned with Chinese President Xi Jinping later in February had been widely taken as a signal that a deal was unlikely to be achieved, Oanda analyst Craig Erlam said. At 2pm the rand was 0.92% weaker against the dollar at R13.7456, 0.83% lower to the euro at R15.5512/€ and 0.81% softer against the pound at R17.7505/£. The euro was flat at $1.1314. Locally, Eskom resumed load-shedding on Monday, while ratings agency Moody’s said earlier that President Cyril Ramaphosa's state of the nation address last week was light on practical details. Moody’s said that aside...
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