Rand mixed as market bets a no-deal Brexit will be avoided
The pound brushed off a major defeat for UK Prime Minister Theresa May on Tuesday
The rand was mixed on Wednesday afternoon, faring slightly worse against the pound, despite the uncertainty around Brexit. The chances of political and market turmoil have escalated after UK Prime Minister Theresa May was handed a crushing defeat on Tuesday. British legislators rejected her draft Brexit agreement, setting the stage for an extension, another referendum, or the UK exiting the EU without a deal. The pound has been remarkably stable, with the market appearing to price in that MPs will reject a vote later on Wednesday on leaving the EU without a deal, said BK Asset Management MD Boris Schlossberg. “But given that conventional wisdom has been wrong from the start on the issue of Brexit, it’s not out of the realm of possibility for markets to be jolted again,” he said.
At 2pm, the rand was 0.37% firmer at R14.3093/$ and 0.25% up at R16.1732/€. It was 0.21% weaker at R18.8216/£. The euro was 0.13% firmer at $1.1303. Should a no-deal Brexit be rejected, MPs are also s...
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