Rand weakens as US-China trade deal hopes wane
US President Donald Trump said on Friday he had not agreed to rollback tariffs on China, souring the mood on global markets
The rand was weaker against major global currencies on Monday afternoon, as fading optimism about a US-China trade deal weighed on global risk assets.
US President Donald Trump said on Friday the US had not agreed to roll back tariffs on China, despite optimism last week that the two parties were close to formalising a partial deal reached in October.
The shooting of protesters in Hong Kong was also weighing on sentiment.
If the situation deteriorates further, it will not only drag local equities lower but the region as a whole, said FXTM chief market strategist Hussein Sayed. The risk of US-China trade-war disappointment was also very high, especially if a deal did not include the rollback of further tariffs, Sayed said.
At 12.22am the rand was 0.19% weaker at R14.8728/$, 0.27% softer at R16.4075/€ and 0.23% down at R19.0419/£.
The euro was flat at $1.1032.