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Rand rallies on easing geopolitical risks

Market have largely absorbed the shock of President Donald Trump’s decision on Tuesday to pull the United States out of an international nuclear deal with Iran.

Picture: EWN

JOHANNESBURG - The rand was firmer on Thursday ahead of mining and manufacturing data, with demand for the currency improved by an easing of geopolitical nerves and some end-of-week squaring of positions by investors as a key technical level approached.

At 0650 GMT the rand was 0.44% firmer at R12.5000 per dollar compared to an overnight close of R12.5500 in New York.

“The rand has continued to trade within the R12.4500 to R12.7500 range, the short term technical indicators remain elevated and the potential for a short term correction appears significant,” said analyst at Nedbank Reezwana Sumad.

Market have largely absorbed the shock of President Donald Trump’s decision on Tuesday to pull the United States out of an international nuclear deal with Iran.

Bonds were also firmer in early trade, with the yield on the benchmark 2026 paper down 3.5 basis points to 8.42%.

Selling pressure on the Turkish lira, on concerns about the central bank’s ability to rein in double-digit inflation, also likely to have spurred some rand buying.

Stocks opened firmer, with Johannesburg Stock Exchange’s Top-40 index up 0.71% to 51,644 points.

Statistics South Africa publishes March mining production at 0930 GMT and manufacturing data at 1100 GMT before attention moves offshore to a Bank of England lending rates decision and US consumer inflation figures.

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