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Trade tensions hold rand down

The week’s trade tensions have snatched away some of the rand’s gains after the ruling African National Congress (ANC) looked set for victory in a parliamentary and provincial election last week.

South African rand.  Picture: Christa Eybers/EWN

JOHANNESBURG - The rand was mostly flat on Tuesday, struggling to bounce back from a flare-up in US-China trade tensions that had dragged the currency down a day earlier.

Fresh tariff war volleys between the world’s two biggest economies were also weighing on markets in Asia and Australia, though comments from US President Donald Trump that he expects trade negotiations to be successful, aided sentiment.

At 0625 GMT, the rand traded at R14.32 to the dollar, 0.1% stronger than Monday’s close.

The week’s trade tensions have snatched away some of the rand’s gains after the ruling African National Congress (ANC) looked set for victory in a parliamentary and provincial election last week.

While the ANC secured a decisive win, international factors have largely eclipsed any impact on the rand’s direction.

However, first quarter unemployment figures to be published later on Tuesday could bring a fresh domestic influence to the rand’s movements over the course of the day.

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