Rand receives a boost but all eyes on Ramaphosa’s Cabinet
Article by: Finance24
The rand received a boost from the EU election results, Peregrine Treasury Solutions’s Bianca Botes said on Monday while all eyes are still on President Cyril Ramaphosa and his Cabinet announcement later this week.
The rand received a boost from the EU election results, Peregrine Treasury Solutions’s Bianca Botes said on Monday while all eyes are still on President Cyril Ramaphosa and his Cabinet announcement later this week.
By 10:54, the rand was changing hands at R14.44 to the greenback.
“The rand has received some assistance from the euro this morning, which has rebounded from a two-year low as EU parliament election results indicate that a pro-European Union majority remains.
“There is no critical data due for release today, as the US celebrates Memorial Day and UK businesses close for the spring bank holiday.
“Larger focus remains on the US/China trade dynamic, with emerging markets remaining under pressure,” she said.
The rand was expected to trade between R14.32 and R14.48 for the day.
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