JOHANNESBURG - Tuesday’s better-than-expected Q2 GDP release helped the rand carry positive momentum into yesterday’s European session to rally below the psychological R15/$ threshold amid easing global trade tensions according to NKC Research.
Risk appetite improved on the back of positive news from Britain, Italy and Hong Kong. Meanwhile, broad-based dollar weakness counted in the rand’s favour, as investors sold greenback in favour of higher-yielding currencies, while also propping up the offshore yuan to further lift risk sentiment. At the close of local trade, the rand quoted 1.8 percent stronger at R14.81/$, after trading in range of R14.81/$ - R15.14/$. The rand traded firmer overnight. Expected range today R14.55/$ - R14.90/$.
South African bourse