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Rand mixed as market bets a no-deal Brexit will be avoided

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The pound brushed off a major defeat for UK Prime Minister Theresa May on Tuesday

The rand was mixed on Wednesday afternoon, faring slightly worse against the pound, despite the uncertainty around Brexit.

The pound has been remarkably stable, with the market appearing to price in that MPs will reject a vote later on Wednesday on leaving the EU without a deal, said BK Asset Management MD Boris Schlossberg. “But given that conventional wisdom has been wrong from the start on the issue of Brexit, it’s not out of the realm of possibility for markets to be jolted again,” he said.At 2pm, the rand was 0.37% firmer at R14.3093/$ and 0.25% up at R16.1732/€. It was 0.21% weaker at R18.8216/£.

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