This week, an attempted assassination of Donald Trump, Joe Biden exiting the presidential race and a global internet outage occurred. Investors shifted to stable currencies, causing the rand to depreciate.
This week has been marked by significant events affecting both the local currency and the global landscape. From the attempted assassination of Donald Trump to Joe Biden stepping down from the presidential race, alongside a global internet outage, investors sought refuge in safer assets like established currencies. Consequently, the rand depreciated in value.since August 2023, opening at R17.90 to the dollar.
By midweek, the situation reversed as the dollar gained due to a 0.7% drop in South African retail sales compared to the previous month. The market remained stable, anticipating an unchanged interest rate from the ECB. The weekly high of R18.36 was tested on Friday after a global internet outage that disrupted airlines, healthcare providers, financial services and manufacturers.
With Biden confirming his exit from the presidential race and endorsing Kamala Harris, the coming months promise to be volatile for emerging markets.
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