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Rand under pressure before US midterm elections

The rand remained under pressure as markets favoured caution ahead of US midterm Congressional elections, as policy decisions that could sway the economy, corporate decision-making and consumer spending hinge on the results.

Picture: EWN

JOHANNESBURG - The rand weakened in early trade on Tuesday, in line with falls in stocks amid subdued investor appetite for riskier assets ahead of US midterm elections later in the day.

At 0650 GMT, the rand traded at R14.1175 per dollar, 0.11% percent weaker, having closed in New York at R14.1625.

The currency is expected to trade in a range of R14.1000 to R14.4000 to the dollar on Tuesday, NKC African Economics said in a note.

The rand remained under pressure as markets favoured caution ahead of US midterm Congressional elections, as policy decisions that could sway the economy, corporate decision-making and consumer spending hinge on the results.

Emerging market assets will likely respond inversely to movements in the US dollar after the elections.

Government bonds were firmer early on Tuesday, with the yield on the benchmark instrument due in 2026 down 4 basis points at 9.110% percent.

Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.37%.