Rand enjoys some support as global political events unfold

The rand was slightly firmer against major currencies as the markets keep a watchful eye on unfolding global political events.

Investors are closely watching US president Donald Trump’s visit to Japan. The four-day visit is an effort to strengthen the alliance between the two countries in the face of the US-China trade tension. At 9.30am on Monday morning, the rand had firmed 0.11% to R14.3974/$, 0.33% to R16.1235/€ and 0.18% to R18.3346/£, following UK Prime Minister Theresa May’s resignation on Friday. The euro gained 0.1% to $1.1199.

“The main issue is how the euro will react to the results and the main threat to the euro is how many seats populist parties will occupy. The results in countries such as Germany, Italy, France and the UK will be closely watched. A rise in populism would weigh the shared currency lower, while the opposite scenario could give it a boost.” TreasuryOne senior dealer Andre Botha said. Brent crude fell 0.78% to $68.68 a barrel.

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Rand no longer seen as indicator of country’s economic prospectsOne would get a much better idea of the value of the rand by measuring how international investors perceive emerging markets as a whole, but this is difficult to do.
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