MW: Rand remains pressured by US fiscal cliff & eurozone
Between 12-16 November one Great British Pound fetched between R13.84 and R14.16 South African Rands. The Rand also fetched between R8.71 and R8.93 to the United States Dollar and one Euro fetched between R11.07 and R11.42.
The Rand kicked off the week stronger against all currencies, early on Monday morning. This was partially assisted by the US markets being closed due to a public holiday. By Monday afternoon however, the Rand was weaker against all currencies, tracking the weaker Euro.
Tuesday saw the Rand weaken further as global risk aversion and lowering commodity prices lifted the US Dollar. Although stronger on Wednesday morning, the Rand once again weakened to major currencies in the afternoon.
End of the week trading saw the Rand strengthen briefly on Thursday morning, tracking a stronger Euro.
The start of the new week saw the Rand trading steadily upwards against the Dollar ahead of the South African Reserve Bank’s rate-setting meeting later in the week. 5% (Fin 24).
