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Rand edges weaker as investors await next catalyst

The rand had a stellar start to 2019, gaining around 9% against the greenback, aided mainly by a global push for emerging market assets that was accelerated by last week’s dovish message by the United States’ central bank.

Picture: Supplied

JOHANNESBURG - The rand eased in early trade on Monday as investors took profits from the previous week’s rally, with the beginning of the month demand for foreign exchange also denting the local unit.

At 0640 GMT, the rand was 0.3% weaker at R13.3700 per dollar, following a close at R13.3300 on Friday in New York.

The rand had a stellar start to 2019, gaining around 9% against the greenback, aided mainly by a global push for emerging market assets that was accelerated by last week’s dovish message by the United States’ central bank.

With a dearth of top-tier data this week and most of the Asian markets remaining closed for the Lunar New Year until Wednesday, the rand is expected to trade within recent ranges between R13.40 and R13.20.

Bonds were also weaker, with the yield on the benchmark 10-year bond up 3 basis points to 8.645%.

Stocks are set to open slightly higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.15%.

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