The rand was little changed on Tuesday afternoon, but volatility in the currency has dipped due to the shortened trading week. Implied one-week volatility is at 11.79%, its lowest level since April 24 2018, with the local currency now the third-most volatile emerging-market currency tracked by Bloomberg. One-month volatility, a period that covers the local elections, was at 14.82% on Tuesday afternoon, but below the 16.38% it has averaged for the past six months. The rand weakened back above the R14/$ handle in late trade on Monday, and the rand could be losing some of its momentum ahead of the election, said TreasuryOne senior currency dealer Andre Botha. However, a definite move after an event related to the election would be needed to confirm this. At 2pm, the rand was flat against most major currencies at R14.0476/$, R15.8869/€ and R18.3954/£. The euro was little changed at $1.1307. The benchmark R186 government bond was last bid at 8.51% from 8.455%. US corporate earnings and ...
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