Rand steady as the focus turns to G20 summit
The dollar remains under pressure following the US Federal Reserve’s dovish comments last week
The rand was flat against major currencies on Monday morning as global markets await the US-China trade talks at the Group of 20 (G20) summit this week.
China’s commerce vice-minister, Wang Shouwen, said talks between the two countries have resumed and that both US President Donald Trump and Chinese president Xi Jinping should meet each other halfway, Reuters reported.
Peregrine Treasury Solutions treasury partner Bianca Botes said markets are not optimistic that the two economic superpowers will reach a deal at the summit.
The dollar remains under pressure following the US Federal Reserve’s dovish comments last week. The rand reached below R14.25/$ in intraday trade on Monday morning, after enjoying its best week since September last week, closing at R14.33/$ on Friday.
By 9.50am, the rand was little changed at R14.3144/$, R16.2846/€ and R18.2153/£. The euro was also flat at $1,1376, reaching a three-month high in intraday trade.
Gold had gained 0.25% to $1.402.05/oz and platinum 0.26% to $812.02.
Brent crude was little changed, but trading above $65 a barrel amid growing tension between the US and Iran.