JOHANNESBURG - The South African rand managed to garner support from easing US-Sino trade tensions late in yesterday’s session according to NKC Research.
Washington announced that certain China goods are being removed from the tariff list, while the implementation date of a 10 percent tariff on certain China-manufactured consumer goods has been delayed from September 1 to December 15. That said, EM risk sentiment was weighed down by intensifying protests in Hong Kong and the Argentina rout. An ongoing sell-off in Argentine assets amid surging default risk and escalating protests in Hong Kong steered investors to safer harbours, leaving the rand, lira and ruble on the back foot for a third straight session. At the close of local trade, the rand quoted 0.8 percent stronger at R15.15/$, after trading in range of R15.09/$ - R15.40/$. The rand was steady overnight. Expected range today R15.00/$ - R15.30/$.
South African bourse