Brent crude hit its highest level in more than seven months amid fears over global output
The rand began the week subdued on Monday morning as concern about mounting tension in the Middle East hurt global market sentiment.
US President Donald Trump on Sunday threatened to slap sanctions on Iraq after the latter’s parliament voted for foreign troops to leave the country, including those of the US. “In times of great uncertainty, the dollar dominates against emerging-market currencies. Only the good old safe-haven assets buck that trend,” said Standard Bank currency dealer Warrick Butler.
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