JOHANNESBURG - The rand recovered slightly during European trade on Friday according to NKC Research.
Despite broad US dollar strength and disappointing South African July trade balance figures, the rand strengthened somewhat from technically oversold levels, following the recent EM sell-off which was triggered by Argentina’s debt crisis, and was boosted by bond inflows from abroad.
At close of local trade, the rand quoted 0.4 percent stronger at R14.65/$, after trading in range of R14.63/$ - R14.79/$. ZAR traded on the back foot this morning due to US-Canada trade war concerns.
Expected range today R14.55/$ - R14.85/$. Domestic debt prices traded higher on Friday tracking a firmer local currency. At close of local trade, R186 was marked-to-market at 8.980 percent, 6 bps lower.
South African Bourse
The JSE All Share (-0.3 percent) ended lower on Friday dragged by losses in large consumer goods (-1.1 percent) mining (-0.9 percent) shares.
In the overall emerging market sphere, the MSCI Emerging Market Index (-0.2 percent ) traded lower.
In local news, Naspers (-2.5percent ) traded weaker following news that its affiliate company Tencent might face increased headwinds from Chinese regulators.
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