JOHANNESBURG - The rand traded on a weaker footing during the early European session as traders look forward towards the domestic political agenda – the delayed cabinet appointments – against a global backdrop of thin holiday trade according to NKC Research.
Global sentiment remains downtrodden by US-Sino trade tensions. Our baseline projection places the South African unit at R14.34/$ by mid-year and easing only modestly in H2 to end the year at R14.38/$. At the close of local trade, the rand quoted 0.5 percent weaker at R14.45/$, after trading in range of R14.39/$ - R14.48/$. The rand drifted lower overnight. Expected range today R14.35/$ - R14.55/$.
South African bourse