Rand directionless amid US fiscal indecision

The rand on Monday morning (14 October) remained in the tight ranges in which it traded for most of last week‚ as the US fiscal indecision and government shutdown extended into its third week.

14 Oct 2013

Image courtesy of thanunkornFreeDigitalPhotos.net

In morning trade the rand was at R9.9176 to the dollar from R9.8753 at Friday's close. It was bid at R13.4424 to the euro from R13.4255 at its previous close‚ and was at R15.8453 against sterling from R15.8270 at the previous close.

The euro was trading at US$1.3565 against the dollar from US$1.3555 at Friday's close.

The rand strengthened on Friday last week amid growing optimism that US legislators were close to settling their differences over the country's budget and debt ceiling‚ Barclays Research wrote in a morning note.

"However‚ these hopes have subsequently faded after negotiations broke down‚" the bank said.

"Given that the US will go into default if an agreement is not reached by Thursday (17 October)‚ risk aversion has resumed‚" it said.

Source: I-Net Bridge

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