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Rand shows little reaction to resurfacing political risks

3 Feb 2017

The rand was firmer against the dollar on Thursday afternoon, although bound within a limited range.

The local currency showed little reaction to the US Federal Reserve's federal open market committee meeting's minutes, and noise around the SA's resurfacing political risks.

Rand shows little reaction to resurfacing political risks

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Regardless, the rand has continued to trade between R13,34/$ and R13,9/$ since Monday. It also showed no excitement regarding the Feds decision to keep interest rates on hold, as was expected.

Today's Business Day headline - titled Zuma: Treasury standing in way of transformation - caught market attention but was not a major rand mover. President Jacob Zuma was reported to have lashed out at the Treasury for hindering the ANC's economic transformation agenda.

Nedbank analysts said the news reports had resulted in large-scale unease in markets around potential political risks in the market, but that these had been masked by supportive global factors.

At 3.29pm the rand was at R13,3779 from R13,4725 against the dollar; R14,4651 against the euro from R14,5065; and R16,7991 against the pound from R17,052.

The euro was at $1,0812 from $1,0769.

Source: I-Net Bridge

Source: I-Net Bridge

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