MARKET WRAP: Rand weakens as ECB comments halt recent euro rally

The rand weakened along with other emerging-market currencies on Wednesday as the euro pulled back from recent highs on comments from the European Central Bank (ECB).

The ECB’s chief economist Philip Lane caused investors to hit the pause button on the recent run-up in the value of the euro after he said that the exchange rate “does matter” for monetary policy. This comes after the euro briefly rose above $1.2 to the dollar for the first time in more than two years, pushing the price of imports from the region higher.