SA rand retreats

JOHANNESBURG. — South Africa’s rand retreated early yesterday, pausing after a two-day advance as investors took profits and looked ahead to the G20 summit where the United States and China are set to agree a truce in their tariff war. At 0650 GMT the rand was 0,1percent weaker at 14,2300 per dollar, easing slightly from its overnight close of 14,2250.

In the previous session the rand had pushed to a new 5-week high as the 14.20 resistance level attracted some bids despite waning risk demand after the United States central bank played down expectations of aggressive interest-rate cuts.

A Chinese newspaper, citing sources, said that the United States and China have agreed to a tentative truce in their trade dispute ahead of a meeting between leaders of the two nations on Saturday on the sidelines of the G20 summit.

Bonds were flat, with benchmark 2026 government issue steady at 8,16 percent.  — Reuters Africa.

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