The rand weakened against major global currencies shortly before midday on Wednesday‚ with the pending outcome of the ANC national policy conference adding to existing global risk-off sentiment.
The ANC was expected to report on the party’s economic transformation committee meeting later on Wednesday‚ while global sentiment has turned negative after North Korea launched an intercontinental ballistic missile on Tuesday.
At 11.31am the rand had reversed marginal gains it made earlier‚ and was at R13.295 to the dollar from R13.1889‚ at R15.066 to the euro from R14.9653 and at R17.177 to the pound from R17.0409.
The euro was at $1.1332 from $1.1346.
Markets were also watching for the minutes of the US Federal Reserve’s June meeting‚ which were due to be released after the close of local markets. It was widely expected to reaffirm hawkish comments by various Fed officials‚ Dow Jones Newswires said.
The Fed minutes were adding to existing risk-off trade‚ Rand Merchant Bank currency strategist John Cairns said.
“We think the upward run in global bond yields has played itself out but it is possible that the trend resumes when US markets return from holiday today‚” Cairns said.
-BusinessLIVE
Source: Tiso Black Star Group Digital.
Rand loses ground as ANC policy meeting approaches finish line
The ANC was expected to report on the party’s economic transformation committee meeting later on Wednesday‚ while global sentiment has turned negative after North Korea launched an intercontinental ballistic missile on Tuesday.
At 11.31am the rand had reversed marginal gains it made earlier‚ and was at R13.295 to the dollar from R13.1889‚ at R15.066 to the euro from R14.9653 and at R17.177 to the pound from R17.0409.
The euro was at $1.1332 from $1.1346.
Markets were also watching for the minutes of the US Federal Reserve’s June meeting‚ which were due to be released after the close of local markets. It was widely expected to reaffirm hawkish comments by various Fed officials‚ Dow Jones Newswires said.
The Fed minutes were adding to existing risk-off trade‚ Rand Merchant Bank currency strategist John Cairns said.
“We think the upward run in global bond yields has played itself out but it is possible that the trend resumes when US markets return from holiday today‚” Cairns said.
-BusinessLIVE
Source: Tiso Black Star Group Digital.
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