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Rand stable in early trade

Aug 28 2018 10:20
Fin24

The rand was on a stable footing in early trade on Tuesday, changing hands at R14.17/$ at 09:45 after opening at 14.16 to the greenback. 

The local currency was volatile last week, falling and strengthening largely in line with the Turkish lira. 

“Although we have seen some shorting of the unit during the early trading sessions over the past few days, the rand has managed to remain fairly stable following the extreme volatility witnessed since the Turkish crisis,” said Bianca Botes of Peregrine Treasury Solutions in a morning statement. 

Botes said that, although fears of contagion for emerging markets due to Turkey's economic troubles remain, global markets responded well to the US/Mexico agreement to relook the current trade policy between the two countries. 

Adam Philips of Umkhulu Consulting said that it is still unclear what Trump has agreed to. 
“Therefore, it is difficult to start talking of some of the easing of tensions between the US and China.”

The local currency has also made up most its losses in the wake of US President Trump wading into the land expropriation debate.  

US Prime Minister Theresa May arrived in Cape Town on Tuesday morning, together with a delegation of British business leaders. 

In a media statement, her office said that May would be using her speech in Cape Town to set out  how the UK can boost private sector trade and investment to  Africa. This comes amid continuing uncertainty around what the final terms of the UK leaving the European Union will be, and how it will affect British businesses. 

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theresa may  |  markets  |  land  |  currencies  |  rand
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