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Rand slumps against the dollar as weak German data hits the euro

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The rand fared worst against the pound, which has been lifted by confirmation that the EU will give UK Prime Minister Theresa May a short Brexit extension.

The rand was sharply weaker on Friday afternoon, tracking a weaker euro, which came under pressure from a downbeat assessment of the health of the euro zone economy.

The euro sharply weakened, dragging the rand down with it. The rand often tracks the euro, given the importance of Europe as a trading partner. A weaker euro also often implies a stronger greenback, which puts pressure on commodity prices, which are dollar-denominated.

 

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