Rand a little weaker as market eyes risk events
The rand was slightly softer on Monday morning, as global markets waited for fresh catalysts.
At 9.45am the rand was 0.49% weaker at R14.161/$, 0.52% down at R15.8929/€ and 0.65% softer at R18.4964/£. The euro was flat at $1.1223.
The benchmark R186 government bond was bid at 8.51% from 8.49%.
All eyes are on a European council summit on Wednesday, where officials will consider a request from the UK to extend the Brexit deadline.
UK Prime Minister Theresa May has been courting opposition counterpart Jeremy Corbyn in a bid to get a deal, saying on Sunday that “the choice that lies ahead of us is either leaving the EU with a deal, or not leaving at all”, reported Dow Jones Newswires.
Continuing ChinaSino-US trade talks are also being watched, amid signs the two sides are making progress.
Some focus is also on local politics, which are expected to gain in importance as the May 8 election date moves closer.
President Cyril Ramaphosa is expected to announce a new National Prosecuting Authority (NPA) head later on Monday, and this could be positive for the market, said Rand Merchant Bank analyst Nema Ramkhelawan-Bhana. “By depoliticising the selection process, the president has emphasised the need for independence at the state institution,” she said.
Source: businesslive.co.za