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South Africa’s rand extends gains as risk-on mood offers support

South Africa’s rand extends gains as risk-on mood offers support

25 August 2020

 

The South African rand extended its gains against the U.S. dollar early on Tuesday, helped by improved appetite in global markets for riskier currencies over the greenback.

At 0630 GMT, the rand traded at 16.8825 per dollar, 0.5% firmer than its close on Monday, as the dollar slipped.

The rand has in recent weeks moved mainly on shifts in global sentiment, in the absence of market moving data locally.

Local traders are now awaiting consumer price index figures due on Wednesday and producer price index numbers on Thursday.

Also, in focus is U.S. Federal Reserve Chair Jerome Powell’s speech on the opening day of the Kansas City Fed’s annual central banking conference on Thursday for clues on the outlook for U.S. monetary policy — a key influence on investors’ appetite for risk, including for emerging market assets.

Government bonds were a tad firmer in early trade, with the yield on the instrument due in 2030 down a basis point to 9.305%.

 

Source: Reuters

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