JOHANNESBURG - The rand strengthened against the US dollar during yesterday’s European trading session according to NKC Research.
Despite another credit rating agency (Moody’s) expressing scepticism over the President Ramaphosa economic recovery plan and gloomy South Africa non-farm job numbers, the South African currency traded stronger ahead of the FOMC announcement as buoyant Chinese equities lifted emerging market sentiment and Sarb Deputy Governor Francois Groepe dismissed the possibility of interest rate cuts to support the recession-plagued South African economy. At the close of local trade, the rand quoted 1.1 percent stronger at R14.20/$, after trading in the range of R14.20/$ - R14.38/$. The rand traded slightly stronger overnight. Expected range today R14.05/$ - R14.35/$.
South African bourse
The JSE All Share (-0.6 percent) ended lower yesterday, dragged by losses in large mining (-2 percent) and consumer goods (-0.9 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.4 percent) traded higher. In local news, MTN (+4.7 percent) was one of the standout shares as the Nigerian central bank softened its tone, after accusing the company of illegally moving $8.1bn out of the country.
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