Rand weakens through R19/£ as May clings to power

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Rand weakens through R19/£ as May clings to power
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Global focus is on Brexit, with the UK parliament taking over the exit process from Prime Minister Theresa May

The rand was weaker against major global currencies on Tuesday afternoon, faring worst against the pound, which was firmer despite Brexit uncertainty.

“Perhaps Wednesday will throw up a few surprises but, like many other votes we’ve seen, it could also easily achieve very little and still leave all options on the table,” said Oanda analyst Craig Erlam. At 2.15pm, the rand had weakened 0.82% to R19.0461/£, 0.36% to R14.3682/$ and 0.31% to R16.2467/€. The euro was flat at $1.1307.Risk events continue to threaten volatility in the rand this week, with all eyes on Thursday’s interest-rate decision by the Reserve Bank, while a credit-rating determination by Moody’s Investors Service is due on Friday.

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