×

We've got news for you.

Register on SowetanLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Rand strengthens as French election results drive market sentiment

The rand was firmer against the dollar on Monday afternoon‚ as the euro strengthened with the news that French presidential centrist candidate Emmanuel Macron had won the first round of that country’s election at the weekend.

The rand traded 1.05% higher against the dollar in intraday trade.

Momentum SP Reid analysts attributed the dollar’s losses to Macron’s gains against his right-wing opponent‚ Marine le Pen. Dollar weakness favoured the rand.

 PSG Wealth chief investment officer Adriaan Pask said the outcome of the first-round of the election lowered the risk of a “Brexit-like shock” and sparked a mass unwinding of safe-haven trades.

At 3.31pm the rand was at R12.9923 to the dollar from Friday’s R13.1286‚ at R14.1216 to the euro from R14.0590 and at R16.6161 to the pound from R16.7946.

 The euro was at $1.0869 from $1.0727.

 

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.