Rand rallies in anticipation of May’s Brexit speech

160
SHARES
798
VIEWS

JOHANNESBURG – The rand rallied on Tuesday morning against major currencies as UK Prime Minister Theresa May was expected to confirm that Britain will leave the EU’s common market.

According to excerpts of May’s speech that were given to the media‚ the prime minister will set out 12 priorities for the negotiations with the EU after Brexit is triggered in March when she speaks later in the day.

Rand Merchant Bank currency strategist John Cairns said markets had absorbed these snippets from May’s upcoming speech “remarkable well”.

The sterling even managed to bounce somewhat overnight nevertheless‚ expect volatility when she actually speaks‚” said Cairns.

The rand started the week on a shaky ground‚ retreating more than 1 percent due to uncertainty ahead of Donald Trump’s inauguration as US president.

Standard Bank trader Warrick Butler said the rand’s 20c movement on Monday was more about liquidity conditions than anything substantial in the market.

“The amount of people that keep asking me in panic about why the rand ‘just moved’ 5c higher suggests that they have still not been able to adapt to the massive change in market conditions we have experienced over the past couple of years.

“Sometimes there are pockets of liquidity where you can transact anything up to $100m‚ sometimes there are vacuums where no one has any interest and the market gaps 5c. Nobody needs to have died or said something stupid for it to happen‚ it just does‚” Butler said.

At 8.59am‚ the rand was at R13.5558 to the dollar from Monday’s close at R13.6908. It was at R14.4378 to the euro from R14.5200‚ and at R16.4250 to the pound from R16.4990.

The euro was at $1.0651 from $1.0602.

Comments

Next Post

SAElections2019 Indelible Ink & Election Fraud

00:01:40

Why would Mampintsha assault Babes Wodumo?

00:00:40

Alph Lukau “raising the dead” is a fraud

00:01:36

Moozlie Mabena involved in a live video crash

00:00:58

Welkom Hijack Man shot in parking lot

00:01:04

Female theft suspects tries to evade guards at Clear Water Mall

00:01:48

Franchise Driver on duty with sex worker

00:00:47

Courageous female driver attack hjackers on driveway

00:01:33

University of Zululand Student stabbed to death by roommate

00:00:41

Vehicle High Jacking on Cedar road, Midrand

00:01:57

Watch thief steal a Hilux in Bloemfontein

00:01:05

Watch Mosque Shoe snatchers in action

00:00:43

Watch these Unbelievable Shoplifters Caught with the Loot

00:03:13

Journalist attacked by EFF Floyd Shivambu and security details

00:00:43

Attempted cash in transit heist by DSTV office in Randburg

00:00:48

KFM Presenters and the Three Rs Blunder

00:00:59

SAPS Higspeed chase

00:01:08

Ruthless home invaders in westrand

00:01:30

Dj Khomza bashes girlfriend with a spanner

00:01:56

Daybreak Robbery in Auckland Park

00:01:15

Fake Police arrested in Johannesburg

00:01:00

#MduduziManana assault video at Cubana

00:00:29

Racial assault of couple at KFC montana

00:01:22

Smart Porsche driver escapes hijackers in Johannesburg

00:00:49

VW Polo Hijack at Kempton Park filling station

00:02:13

Women caught husband cheating and jumps on Carhood

00:02:02

Carlton Centre, Joburg Heist

00:01:06

Did Malema call Mandela a Sellout ?

00:02:01

Petrol Attendant beat up a man

00:01:01

Car Hijack gone wrong

00:02:15

Armed robbery in Alberton

00:00:52

Mother and son in Polokwane attacked by panga wielding robbers

00:02:04

Hyundai i10 Hijacking in Chatsworth

00:00:59

Welcome Back!

Login to your account below

Create New Account!

Fill the forms below to register

Retrieve your password

Please enter your username or email address to reset your password.

Add New Playlist