Rand caught up in market whirlwind

The rand, often a barometer of sentiment towards riskier markets, seesawed as markets were gripped by one of the most hotly contested US presidential elections in recent history.

SA’s currency started the day on a weak footing, slumping as much as 2.5% as the incumbent, Donald Trump, defied pre-
election polls to win some crucial states, setting the stage for a much tighter race than predicted. Markets were also hit as a so-called blue wave that was expected to hand the US Senate to Democrats failed to materialise. Yields on US treasuries dropped and the dollar gained across the board as investors sought safe havens.