Rand at 11-month high against pound amid hard-Brexit concerns

The rand was slightly softer against the euro and dollar on Tuesday morning, but flat against the pound, amid growing concerns the UK is headed for a no-deal exit from the EU.

At 9.40am the rand was 0.39% weaker at R14.2166/$, 0.35% softer at R15.8395/€ while remaining flat at R17.3105/£. The euro was flat at $1.1136. The rand has appreciated 3.04% against the pound so far in 2019, while having depreciated 1.2% against the dollar over the same period. Local focus is on employment data in the second quarter, due later on Tuesday, although most market focus this week remains on the US Federal Reserve policy announcement on Wednesday.

We can't celebrate, as the ratings agencies have already put a dark cloud over us.

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