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Rand firmer as technicals point to recovery

The rand firmed early on Wednesday with investors seeing some buying value as technical indicators pointed to a mild recovery in a currency that has suffered recently against a surging dollar.

Picture: EWN

JOHANNESBURG - The rand firmed early on Wednesday with investors seeing some buying value as technical indicators pointed to a mild recovery in a currency that has suffered recently against a surging dollar.

At 0640 GMT the rand was 0.61% firmer at R12.6200 per dollar from a close of R12.7025 overnight in New York, regaining some ground following a selloff of emerging currencies on Tuesday that pushed the unit as far as R12.7425.

The dollar index was down 0.17%.

The relative strength index and short-term moving average both suggested the rand had strayed into oversold territory, prompting some traders to buy the dip with a view of booking profits near the 21 May low of R12.8950.

Volumes were high at the R12.6300 mark.

Gross domestic product revisions for the first quarter from the United States is the main risk event, with the figure expected to support the market view of an expanding economy, possibly re-igniting EM outflows.

Bonds were weaker in early trade, with the yield on the 2026 benchmark paper up 2 basis points to 8.55%.

Stocks opened weaker, with the Johannesburg Stock Exchange’s Top-40 up 0.1% to 49,573 points.

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