JOHANNESBURG - The South African currency garnered support from easing US-Sino trade tensions and monetary stimulus – stoking optimism of loosening global liquidity conditions – although a cautious growth outlook by the finance ministry curbed gains according to NKC Research.
While not unexpected, the finance ministry’s announcement that South Africa is set to miss the 1.5 percent growth target for 2019, partially due to a “much higher” fiscal shortfall, kept a lid on gains. At the close of local trade, the rand quoted 0.5 percent stronger at R14.51/$, after trading in range of R14.51/$ - R14.61/$. The rand traded weaker overnight.
South African bourse