The rand is taking full advantage of the weaker dollar as it opens at 11.83/$ this morning.
Investors returned to buying emerging market currencies (as opposed to the USD) after Trump’s top economic advisor, Gary Cohn, announced his resignation yesterday. To add to dollar losses, North Korea have reportedly ended nuclear weapons testing for the time being (following positive talks with South Korea).
Local Q4 GDP figures released yesterday supported rand gains, as economic growth increased by 3.1% in the final quarter of 2017, with an overall growth of 1.3% for the year. Today’s highlights: The US Fed’s Beige Book and EUR Q4 GDP figures are released. Happy hump day!
All rates quoted a