Rand weakens ahead of ECB policy meeting
The dollar is gaining pace as the ECB meeting comes into focus, following concerns expressed by the central bank regarding the strong euro
The rand was weaker on Tuesday, in line with its emerging-market peers, as the dollar gains momentum ahead of the European Central Bank (ECB) policy meeting.
The ECB meeting comes after the euro marked a two-year high at the beginning of September. That led to the ECB’s chief economist, Philip Lane’s, comments last week saying that the exchange rate “does matter” for monetary policy, which saw the euro pulling back along with the emerging-market currencies.