The rand weakened past R14.80/$ on Wednesday morning amid global risk-off trade as a result of the US-China trade war, as well as local political uncertainty related to the delayed announcement of President Cyril Ramaphosa’s new cabinet. US equity markets posted sharp losses on Tuesday on concerns that the US-China trade war will prompt a global economic downturn. Weak global economic data is heightening these concerns, fueling fears of a global recession, London Capital Group head of research Jasper Lawler said in a note. “An unresolved Brexit and rising tensions between Rome and the European Commission are adding to the gloomier outlook.”
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