The rand was slightly weaker against the dollar on Thursday morning as investors awaited the state of the nation address (SONA) later in the day.
Concern about the address came from claims that President Jacob Zuma would announce a Cabinet reshuffle during his speech. The president told a group of journalists earlier in the week that he knew nothing about such plans.
The local currency has been trading cautiously in the days leading to the address‚ not weakening beyond R13.47/$.
TreasuryOne currency dealer Andre Botha said that although the market was still holding back and caution was evident as investors waited for the “global political pantomime to start playing out” some timid rand trade could be expected on Thursday morning.
Mining and manufacturing production sales data for December 2016 are due out later in the day. Nedbank Corporate and Investment Banking analysts expect a contraction in both sectors.
At 8.59am‚ the rand was at R13.4426 to the dollar from Wednesday’s R13.4072. It was at R14.3435 against the euro from R14.3422 and at R16.8058 against the pound from R16.8156.
The euro was at $1.0673 from $1.0697. – TMG Digital
Rand slightly weaker ahead of SONA
The rand was slightly weaker against the dollar on Thursday morning as investors awaited the state of the nation address (SONA) later in the day.
Concern about the address came from claims that President Jacob Zuma would announce a Cabinet reshuffle during his speech. The president told a group of journalists earlier in the week that he knew nothing about such plans.
The local currency has been trading cautiously in the days leading to the address‚ not weakening beyond R13.47/$.
TreasuryOne currency dealer Andre Botha said that although the market was still holding back and caution was evident as investors waited for the “global political pantomime to start playing out” some timid rand trade could be expected on Thursday morning.
Mining and manufacturing production sales data for December 2016 are due out later in the day. Nedbank Corporate and Investment Banking analysts expect a contraction in both sectors.
At 8.59am‚ the rand was at R13.4426 to the dollar from Wednesday’s R13.4072. It was at R14.3435 against the euro from R14.3422 and at R16.8058 against the pound from R16.8156.
The euro was at $1.0673 from $1.0697. – TMG Digital
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