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Rand boosted by improved sentiment

At 0645 GMT, the rand traded at 16.7840 per dollar, 0.15% stronger than its close on Friday.

FILE: The rand is expected to trade between R16.60 to R16.95 to the dollar, NKC African Economics said in a morning note. Picture: EWN.

JOHANNESBURG - South Africa’s rand rose against the US dollar early on Monday as global risk sentiment improved, although poor trade data from China, the country’s top trading partner, prevented further gains.

At 0645 GMT, the rand traded at 16.7840 per dollar, 0.15% stronger than its close on Friday.

A surprise recovery in US employment lifted hopes of a quicker global economic revival after weeks of lockdowns aimed at controlling the coronavirus pandemic. But economic data still show the impact COVID-19 has had.

“The rand tested a break below R16.80/$ early on Monday morning, but poor data from China hampered the efforts. The key event for this week is the Federal Reserve interest rate decision and policy statement on Wednesday,” Bianca Botes, executive director at Peregrine Treasury Solutions, said in a morning note.

Chinese trade data published on Sunday showed that exports contracted in May as global coronavirus lockdowns continued to devastate demand.

The rand is expected to trade between R16.60 to R16.95 to the dollar, NKC African Economics said in a morning note.

Government bonds also gained, with the yield on the 10-year instrument down 0.05 basis points to 7.490% in early trade.

Stocks opened with the Top-40 index down 0.34% and the broader all-share index 0.32% weaker in early trade.