20°C / 22°C
  • Wed
  • 20°C
  • 6°C
  • Thu
  • 23°C
  • 6°C
  • Fri
  • 25°C
  • 9°C
  • Sat
  • 25°C
  • 8°C
  • Sun
  • 25°C
  • 8°C
  • Mon
  • 26°C
  • 10°C
  • Wed
  • 25°C
  • 9°C
  • Thu
  • 20°C
  • 12°C
  • Fri
  • 21°C
  • 11°C
  • Sat
  • 22°C
  • 11°C
  • Sun
  • 17°C
  • 11°C
  • Mon
  • 15°C
  • 9°C
  • Wed
  • 22°C
  • 8°C
  • Thu
  • 24°C
  • 8°C
  • Fri
  • 27°C
  • 8°C
  • Sat
  • 26°C
  • 9°C
  • Sun
  • 25°C
  • 8°C
  • Mon
  • 28°C
  • 11°C
  • Wed
  • 22°C
  • 7°C
  • Thu
  • 24°C
  • 7°C
  • Fri
  • 26°C
  • 8°C
  • Sat
  • 25°C
  • 6°C
  • Sun
  • 26°C
  • 8°C
  • Mon
  • 27°C
  • 7°C
  • Wed
  • 21°C
  • 13°C
  • Thu
  • 24°C
  • 14°C
  • Fri
  • 23°C
  • 14°C
  • Sat
  • 25°C
  • 13°C
  • Sun
  • 28°C
  • 17°C
  • Mon
  • 22°C
  • 15°C
  • Wed
  • 19°C
  • 9°C
  • Thu
  • 24°C
  • 14°C
  • Fri
  • 19°C
  • 12°C
  • Sat
  • 25°C
  • 12°C
  • Sun
  • 19°C
  • 13°C
  • Mon
  • 16°C
  • 12°C
  • Wed
  • 27°C
  • 9°C
  • Thu
  • 24°C
  • 10°C
  • Fri
  • 25°C
  • 10°C
  • Sat
  • 25°C
  • 13°C
  • Sun
  • 16°C
  • 8°C
  • Mon
  • 13°C
  • 7°C
  • Wed
  • 23°C
  • 12°C
  • Thu
  • 19°C
  • 13°C
  • Fri
  • 21°C
  • 12°C
  • Sat
  • 23°C
  • 15°C
  • Sun
  • 15°C
  • 9°C
  • Mon
  • 13°C
  • 9°C
  • Wed
  • 23°C
  • 10°C
  • Thu
  • 26°C
  • 9°C
  • Fri
  • 27°C
  • 11°C
  • Sat
  • 26°C
  • 9°C
  • Sun
  • 26°C
  • 9°C
  • Mon
  • 28°C
  • 9°C
  • Wed
  • 21°C
  • 5°C
  • Thu
  • 23°C
  • 5°C
  • Fri
  • 24°C
  • 6°C
  • Sat
  • 24°C
  • 6°C
  • Sun
  • 25°C
  • 8°C
  • Mon
  • 25°C
  • 9°C
  • Wed
  • 21°C
  • 11°C
  • Thu
  • 23°C
  • 9°C
  • Fri
  • 26°C
  • 7°C
  • Sat
  • 25°C
  • 7°C
  • Sun
  • 30°C
  • 6°C
  • Mon
  • 29°C
  • 9°C
  • Wed
  • 23°C
  • 8°C
  • Thu
  • 24°C
  • 11°C
  • Fri
  • 20°C
  • 10°C
  • Sat
  • 28°C
  • 11°C
  • Sun
  • 18°C
  • 10°C
  • Mon
  • 15°C
  • 8°C

Rand gains on hopes US-China trade war is easing

Demand for emerging-market currencies grew after the Financial Times reported China and the United States had resolved most of the issues standing in the way of a trade deal.

South African rand.  Picture: Christa Eybers/EWN

JOHANNESBURG - The rand strengthened on Wednesday amid growing appetite for risk on hopes for progress in trade negotiations between China and the United States.

At 0700 GMT the rand was up 0.53% at R14.1350 per dollar compared with a close of R14.2100 in New York.

Demand for emerging-market currencies grew after the Financial Times reported China and the United States had resolved most of the issues standing in the way of a trade deal.

The rand had reached a six-week high of R14.0750 after Moody’s struck a surprisingly positive note in a credit opinion on Tuesday, following the agency’s decision on Friday to delay a review that might have removed South Africa’s last investment-grade rating.

The rand lost steam late in the session as concern resurfaces over Eskom, the struggling state power company.

“Although the rand posted additional gains after Moody’s comments, these were short-lived as comments from the African National Congress that it did not wish to see job losses at Eskom, despite previous comments to the contrary, saw the markets turn cautious,” analysts at Nedbank said in a note.

Demand for Pretoria’s bonds was benefited from Moody’s benign view, with yields on the benchmark 10-year government bond reaching a one-year low 8.42 percent. In early trade on Wednesday, the bond traded at 8.515%.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus