The rand was marginally weaker on Thursday morning against major global currencies as the markets await the results of the European Central Banks (ECB) policy meeting later in the day while the UK heads into an election.
Nedbank analysts said that while foreign exchange markets were “holding steady” ahead of the ECB meeting‚ there was little enthusiasm seen in the markets on Wednesday as “price action in the euro was somewhat skittish with little change“.
TreasuryOne dealer Gerard van der Westhuizen said the ECB was faced with a big decision on whether the recovery in the region was enough to manage without its monetary stimulus.
At 9am the rand was at R12.8555 to the dollar from Wednesday’s R12.8352‚ at R14.4663 to the euro from R14.4613 and at R16.6783 to the pound from R16.6414.
The euro was at $1.1251 from $1.1267.
Rand slightly weaker ahead of ECB statement
The rand was marginally weaker on Thursday morning against major global currencies as the markets await the results of the European Central Banks (ECB) policy meeting later in the day while the UK heads into an election.
Nedbank analysts said that while foreign exchange markets were “holding steady” ahead of the ECB meeting‚ there was little enthusiasm seen in the markets on Wednesday as “price action in the euro was somewhat skittish with little change“.
TreasuryOne dealer Gerard van der Westhuizen said the ECB was faced with a big decision on whether the recovery in the region was enough to manage without its monetary stimulus.
At 9am the rand was at R12.8555 to the dollar from Wednesday’s R12.8352‚ at R14.4663 to the euro from R14.4613 and at R16.6783 to the pound from R16.6414.
The euro was at $1.1251 from $1.1267.
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