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Rand weaker on increased market volatility

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Both confusion over the US stimulus package and more Covid-19 surges are weighing on markets

The rand was weaker on Friday morning as concerns about a delayed US stimulus decision weighed on sentiment.

“The rand, like most currencies and stock markets on Friday morning, is trading flat lack of fresh news keeps investors on the sidelines. Poor Chinese retail sales data had little impact on markets this morning,” said TreasuryONE senior dealer Andre Botha.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

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Rand extends gains, stocks rally for second dayThe rand has been under pressure from shifts in investor appetite for emerging market assets as well as weak economic data pointing to a deep recession in South Africa in 2020 due to the impact of the coronavirus pandemic and a slow recovery in 2021.
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