Covid-19 resurgence in Europe smashes South African rand off its pedestal
The rand slumped to R16.89 to the US dollar by late afternoon on Monday.
The South African currency until recently traded at R16.09, its strongest level in half a year.
A global emerging market selloff sent the rand tumbling.
Traders are spooked about a resurgence of Covid-19 across much of Europe.
Arabile Gumede (in for The Money Show’s Bruce Whitfield) interviewed Bianca Botes of Peregrine Treasury Solutions.
It’s definitely a bloodbath out there on the local currency markets today…Bianca Botes, Peregrine Treasury Solutions
The Euro came under significant pressure today… The market expects the Fed to continue stimulating…Bianca Botes, Peregrine Treasury Solutions
Europe is potentially going into another lockdown…Bianca Botes, Peregrine Treasury Solutions
We see quite a bit of foreign money coming in… appetite for the yield we offer, regardless of risk… Cutting rates further may not do much for the economy, but it may erode this yield…Bianca Botes, Peregrine Treasury Solutions
The next target would be R17/$...Bianca Botes, Peregrine Treasury Solutions
Listen to the interview in the audio below.
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