Having rallied to a two-week best of R14.1375 after the ruling African National Congress won a 57.5% majority that many investors see as key to economic reforms, the rand has slipped back towards the R14.40 mark.
JOHANNESBURG - The rand weakened early on Thursday, succumbing to risk-off sentiment sparked by global fears over the tariff war between the United States and China.
At 0645 GMT the rand was 0.26% weaker at R14.2600 per dollar compared with an overnight close of R14.2125 in New York. Tepid economic data locally, with the unemployment rate rising and retail sales advancing only 0.2% in March, added pressure on the currency following US President Donald Trump’s weekend tweets escalating the standoff with China over trade terms.
The outlook for the rand and stocks is favourable, however, with low lending rates abroad and sliding inflation locally supporting carry trade by investors hunting for high-yield returns.In stocks, financial services group Investec said full-year earnings rose 3.6% despite challenges in its main markets, South Africa and Britain.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rand stable at R14.21/$ as ANC looks guaranteed to win SA electionInvestors seem to be watching the South African general election results with anticipation.
Read more »
Rand stable for now, but could be affected by new Cabinet - economistElectionResults: Rand stable for now, but could be affected by new Cabinet, says economist
Read more »
Rand falls on risk aversion as US-China trade war heats upSouth African markets strengthened on Friday on expectations of political continuity, as the governing African National Congress (ANC) headed for a national election victory.
Read more »
Rand sheds post-election gains as US-China trade war heats upThe rand has weakened as China as the US go tit for tat on import tariffs
Read more »
Rand sheds post-election gains as China-US trade war heats upThe rand has weakened as China and the US go tit for tat on import tariffs
Read more »
Trade tensions hold rand downThe week’s trade tensions have snatched away some of the rand’s gains after the ruling African National Congress (ANC) looked set for victory in a parliamentary and provincial election last week.
Read more »
Rand steady amid US-China trade talk hopesThe rand steadied in early trade on Wednesday, as optimism surrounding trade talks between Washington and Beijing boosted market sentiment.
Read more »
Rand weakens a touch as markets await next move in US-China trade warDespite the increased volatility caused by the fight, some analysts are confident that it will not prompt significant weakness in the rand
Read more »
The PIC and VBS-linked deals that will keep lawyers busyAn application to liquidate two small companies reveals the movement of millions of rand.
Read more »
MARKET WRAP: Rand firmer despite employment numbers6.2-million people in the country are actively looking for work.
Read more »