Rand steady despite load-shedding
Global markets are waiting for fresh catalysts, which could come on Tuesday from yet another Brexit vote
The rand was steady on Monday morning, showing its most movement against a firmer euro, as investors waited for fresh catalysts.
The week could be busy, with the US Federal Reserve announcing its stance on monetary policy on Wednesday. Load-shedding is also expected to continue this week, threatening local economic activity.
At 9.40am the rand was flat at R14.434/$ and little changed at R19.7183/£. It was 0.22% weaker at R16.3739/€. The euro was at $1.1344.
The rand should remain range-bound for the early part of the week, said TreasuryOne senior currency dealer Andre Botha. As Thursday is a public holiday in SA, trading may be a little less liquid than usual.
On Tuesday, British MPs will once again vote on UK Prime Minister Theresa May’s Brexit deal. May has twice been handed heavy defeats in parliament, and has indicated that the vote may not proceed unless there is a chance of success.
May is also expected to travel to a EU summit on Thursday.