Concern over the viral outbreak in China is weighing on sentiment, with local focus on the state of the nation address later in the week
The rand was weaker on Monday morning, as the coronavirus dominated headlines, while local focus is on Thursday’s state of the nation address as well as local economic releases., though analysts noted it was finding a resistance level, and had come off the low of R15.12/$ reached on Friday.
“We start the week in the same terrain as Friday, with little to no change in the global landscape,” said Peregrine Treasury Solutions treasury partner Bianca Botes. “The core focus for the week will be China, and whether the country will slowly return to normal, while locally we start to gear up for Thursday’s Sona”, said Botes./€, while it had weakened 0.12% to R19.3891/£. Investors are watching Sona on Thursday with an expectation that President Cyril Ramaphosa may provide a way forward with struggling state-owned power utility Eskom or announce economic growth-boosting efforts.
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