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Rand range bound as markets await Ramaphosa's Cabinet announcement

May 27 2019 09:26
Fin24

With little data set to be published on Monday, the rand is awaiting President Cyril Ramaphosa's announcement of his new Cabinet, which is set to take place later in the week. 

The rand was trading even at R14.40/$ when markets opened.

"Everybody [is] awaiting the announcement of the new Cabinet by President Ramaphosa," said Andre Botha, a senior dealer at TreasuryONE, in a morning note to clients. He said the rand's response to the announcement is expected to be positive, but global market forces could make the rally short-lived.

In a statement on Sunday, Ramaphosa said that he expects to announce his Cabinet "later in the week" without giving a specific date.

Meanwhile the rand is expected to be range-bound on Monday, with markets closed in both the UK and the US for public holidays. The US is celebrating Memorial Day, while the UK has a bank holiday.

Botha said there was little international data of importance expected. "This gives the market the perfect recipe for range-bound trading," he said.

The euro, meanwhile, was holding firm on Monday morning following initial results from EU-wide elections.

rand  |  markets  |  currencies
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