Rand steady at three-year high ahead of busy week

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The rand was stable against major global currencies shortly before midday on Monday, amid risk-on global trade and continued positive sentiment towards SA.

The rand has only been pipped by the Mexican peso in terms of the best-performing emerging-market currencies so far in 2018, with analysts saying recent political developments continued to support the local unit.

“The trend continues unabated it seems and a slight dollar recovery last week has done nothing to dent this,” Standard Bank trader Warrick Butler said.

Local focus remained on the ANC, with expectations that a Cabinet reshuffle was imminent. The ANC’s top six officials were meeting later on Monday, with expectation that some of the current Cabinet’s more controversial ministers could be on the way out.

Globally, focus will be on central bank policy this week, with numerous senior officials expected to give commentary.

This includes European Central Bank president Mario Draghi, who was to address the European parliament later on Monday.

Inflation figures from the eurozone and the US were expected on Wednesday and Thursday, respectively.

At 11.30am, the rand was at R11.5656 to the dollar from R11.5645, R14.2627 to the euro from R14.2148 and at R16.2447 to the pound from R16.1769 The euro was at $1.2332 from $1.2293. – BusinessLive

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