Rand breaches R12.90/$ as French vote increases appetite for risky assets

The rand has strengthened by more than 1.5% against a weaker dollar on Monday morning.

Late in the morning it was hovering around R12.88 against the dollar mark, a level recorded in the last week of March.

That represents a firming of about 7.5% against the US dollar since it weakened to R13.93 at the beginning of April.

According to RMB’s Jan Sluis-Cremer, results from France's first round of the presidential elections have increased risk appetite.

At 4:46pm the rand was trading at R13.04 against the dollar.

The Money Show’s Bruce Whitfield interviewed Tim Nhamo (Director and currency Specialist at Global Financial Innovations UK).

Listen to the interview in the audio below (and/or scroll down for quotes from it).

There are more interest in buying our bonds which are providing a good yield.

Tim Nhamo

We’re not the only currency that is stronger this week.

Tim Nhamo

Despite our political situation; the US has its own issues with Donald Trump.

Tim Nhamo

The rand is not as politically driven as we like to think it is.

Tim Nhamo

We might go below R12.70.

Tim Nhamo

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Article brought to us by Old Mutual.


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