Local economic data disappoints, but sentiment is risk-on after signs of progress in the US-China trade talks, as well as positive Chinese data
Positive Chinese data helped lift the rand on Wednesday afternoon, with the local currency leading most of its emerging-market peers.
The rand has given up its status as the most volatile currency on a one-week basis, with both the Turkish lira and pound expected to trade in a wider band over the period, according to Bloomberg data. At 2pm, the rand had firmed 0.48% to R14.1479/$, 0.11% to R15.91/€ and 0.26% to R18.6236/£. The euro was 0.37% firmer at $1.1246.
Negative sentiment towards Turkey also threatens to put pressure on the rand, after local government elections at the weekend resulted in a setback for President Recep Tayyip Erdoğan. This has raised concern that Erdoğan may intensify populist policies.
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