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SA rand firms

11 Jun, 2019 - 00:06 0 Views
SA rand firms

The Herald

JOHANNESBURG. — South Africa’s rand started the week firmer against the dollar yesterday, recovering some ground after steep losses last week against the US currency.

Among factors supporting the rand, the United States shelved plans to impose tariffs on Mexico and investors hoped for lower US interest rates on the back of lacklustre jobs data.

At 0715 GMT, the rand traded at 14,9175 versus the dollar, around 0,4 percent stronger than its previous close.

“There is still some residual momentum after the US non-farm payroll miss, but the main emerging market story this morning is that President Trump has suspended placing tariffs on Mexico indefinitely,” Andre Botha, senior dealer at TreasuryONE, said in a research note.

The rand slumped last week as a row over the central bank’s mandate rattled investors and as the economy contracted sharply in the first quarter.

Government bonds were also stronger on Monday, with the yield on the benchmark 2026 instrument 2 basis points lower at 8,455 percent.

On the stock market, the Johannesburg Stock Exchange’s All-share index was around 0,4 percent higher in early trade. Reuters.

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