JOHANNESBURG - The rand hovered near recent highs as the local unit garnered support this week from a robust Q2 GDP reading and risk-on global sentiment according to NKC Research.
Coming off the back foot the local unit regained traction last week, although the tide may turn as market watchers eye business confidence, manufacturing and mining production releases this week. US-Sino trade optimism buoyed interest in risk assets, including emerging market currencies, but we remain broadly defensive on emerging market assets as we believe that there is a thinner buffer against the negative effects from rising trade tensions, and slowing global growth. At the close of local trade, the rand quoted 0.89 percent stronger at R14.74/$, after trading in range of R14.72/$ - R14.90 Expected range today R14.70/$ - R14.95/$.
South African bourse