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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