adminJOHANNESBURG. – The rand reversed its firmer trend at midday yesterday as markets awaited a speech by US Federal Reserve Bank of San Francisco president John Williams. At 11.30am the rand was at 13,6364 against the dollar from a previous close of 13,6079. The local currency was at 15,2841 against the euro from 15,2281 and at 20,6928 against the pound from a previous close of 20,6288.
The euro was at $1,1208 from $1,1190. Barclays Research analysts said in a note the rest of the week would see markets taking their cues from the US.
“Today, San Francisco Fed president John Williams will give a speech on the US economic outlook. Should the Fed president’s tone prove to be hawkish, we would expect the rand’s recent short-covering to run out of steam,” the research team said. – BDLive.
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