Rand falls on Trump’s in­au­gu­ra­tion jit­ters

The Star Early Edition - - MARKETS - Reuters

THE RAND re­treated yes­ter­day, slip­ping more than 1 per­cent as jit­ters ahead of Don­ald Trump’s in­au­gu­ra­tion as US pres­i­dent damp­ened de­mand for risk cur­ren­cies glob­ally.

At 5pm, the rand was bid at R13.6266 to the dol­lar, 5.50c softer than at the same time on Fri­day, eras­ing most of the pre­vi­ous week’s gains that lifted the unit to a two-month high.

Trump is due to be sworn in as leader of the world’s num­ber one econ­omy on Fri­day and in­vestors are anx­ious to see whether he will de­liver on prom­ises to in­crease in­fra­struc­ture spend­ing.

“Most of his likely ac­tions have been well an­tic­i­pated but there will still be a lot of mar­ket fo­cus to see the rel­a­tive weight­ing of pro­tec­tion­ism versus eco­nomic stim­u­lus,” chief an­a­lyst at Rand Mer­chant Bank, John Cairns, said.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.