South Africa’s rand struggled for momentum against a stronger dollar in early trade on Friday - at R14.63 against the dollar, as a lack of progress in Russia-Ukraine peace talks weighed on appetite for risky assets. Moneyweb Currency
South Africa’s rand struggled for momentum against a stronger dollar in early trade on Friday, as a lack of progress in Russia-Ukraine peace talks weighed on appetite for risky assets. At 0630 GMT, the rand traded at R14.63 against the dollar, around 0.2% weaker than its previous close. Talks between Russia and Ukraine are also set to resume later on Friday, with Ukraine preparing for further attacks.
Investors were looking forward to the March US jobs data, due later in the day, for wage inflation and cues on the US Federal Reserve’s monetary policy stance. “The rand has over the course of the week thus far made a number of forays sub the R14.50 technical support level, and on each occasion, the local unit has failed to consolidate these gains,” Nedbank analysts wrote in a note.
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