JOHANNESBURG - The South African currency traded weaker as investors steered clear of riskier EM currencies according to NKC Research.
Idiosyncratic risks limited recovery potential while the risk of renewed escalation in US-Sino trade tensions loomed. Investor concerns surrounding Moody’s November credit risk announcement, in the wake of Eskom-related fiscal sustainability warnings by the rating agency as well as the IMF, and poor economic data will outweigh priced-in monetary stimulus from eurozone and US policymakers. At the close of local trade, the rand quoted 1.15 percent weaker at R15.41/$, after trading in range of R15.20/$ - R15.44/$. The rand traded slightly stronger overnight. Expected range today R15.30/$ - R15.50/$.
South African bourse