Supported by weak dollar, rand steady after GNU announcement
The rand weakened from R18.90 to close to R19.00 on Thursday evening in the immediate aftermath of president Cyril Ramaphosa's announcement that he will invite the DA, EFF, IFP and smaller parties to co-govern South Africa in a Government of National Unity .
Parties that want to serve in the Cabinet must have"respect for the Constitution and the rule of law; for social justice, non-racialism and non-sexism". However, ANC structures and the party's alliance partners pushed back against a deal with the DA, triggering large losses in SA assets in recent days.On Friday, the rand found some support in a weak dollar, which was hovering close to an eight-week low on Friday ahead of a crucial US jobs report that could provide clues on the timing of Federal Reserve interest rate cuts.
For the week, the index was on track for a 0.54% slide following a run of weaker macro data that put prompted investors to put two, quarter-point Fed rate cuts back on the table for this year.
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