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Rand falls, stocks set to open lower

The rand extended losses suffered on Friday as investors dropped riskier assets for safer investments on the back of the threat of a global trade war sparked by US President Donald Trump’s tariff plan on steel.

Picture: Christa Eybers/EWN

JOHANNESBURG - The rand weakened against the dollar in early trade on Monday as investor appetite for riskier assets waned, with market focus this week on economic growth numbers for the final quarter of last year, scheduled to be released on Tuesday.

At 0645 GMT, the rand traded at R12.0100 per dollar, 0.63% weaker than its New York close on Friday.

The rand extended losses suffered on Friday as investors dropped riskier assets for safer investments on the back of the threat of a global trade war sparked by US President Donald Trump’s tariff plan on steel.

Statistics South Africa is set to release fourth-quarter 2017 GDP data on Tuesday.

Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.23%.

In fixed income, the yield for the benchmark government bond due in 2026 rose 2.5 basis points to 8.225%, reflecting weaker bond prices.

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