The prolonged US-China trade war continues to weigh on markets after negotiations reached a deadlock earlier this month
The rand was weaker on Monday afternoon due to a mix of global and domestic catalysts, with the ongoing US-China trade war driving risk-off sentiment in global markets.
“The trade war uncertainty remains the major macro-theme. The macro-catalyst reflects in emerging-market currencies as a whole, which are mostly weaker,” IG market analyst Shaun Murison said. “The rand’s slight under-performance suggests domestic factors such as the delayed appointment of the cabinet.”
At 2.30pm the rand had weakened 0.33% to R14.4608 to the dollar, was flat at R16.1904 to the euro and 0.11% firmer at R18.3483 to the pound. The euro fell 0.12% to $1,1196.
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