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Rand retreats slightly from near six-week best

The rand retreated slightly from a near six-week best in early trade on Wednesday as investor caution prevailed due to US-Europe trade disagreements and the International Monetary Fund’s downgrade of its global economic outlook.

Picture: EWN

JOHANNESBURG - The rand retreated slightly from a near six-week best in early trade on Wednesday as investor caution prevailed due to US-Europe trade disagreements and the International Monetary Fund’s downgrade of its global economic outlook.

At 0841 GMT, the rand traded at R14.0300 per dollar, 0.41% firmer than its New York close on Tuesday.

The currency, however, was slightly off the R14.0100 mark, its firmest level since 28 February, that it touched on Tuesday supported by a weaker dollar.

“The rand is once again trading positively, but it has again failed to test the R14.0000 level after having traded to R14.0100; demand for dollars saw it trade weaker into the local close,” Nedbank analysts said in a note.

“Today, markets are contemplating the possible effects of an escalation in tensions between the US and the EU regarding imports between the two, and the IMF cutting its global growth outlook.”

Business confidence data due at 0930 GMT on Wednesday and mining and manufacturing production figures on Thursday are the main data points to watch locally.

In fixed income, the yield on the benchmark government bond due in 2026 was down 1.5 basis points to 8.48% in early trade.

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