The local currency is weaker on Friday morning, with analysts citing little in the state of the nation address to lift it
The rand was weaker against major global currencies on Friday morning, having failed to benefit from any of the news contained in President Cyril Ramaphosa’s state of the nation address on Thursday evening.
“While the tone of the address was upbeat and positive, the country remains in the dark as to what exactly the turnaround plan for the economy will entail,” said Peregrine Treasury Solutions corporate treasury manager Bianca Botes. The rand, along with emerging-market currencies, has been boosted this week by dovish signs from the US Federal Reserve, with markets now pricing in a 100% chance of a 25 basis point cut in that country by the end of July.
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