JOHANNESBURG - The South African currency shrugged off escalating US-China tensions as the world’s top two economies exchanged threats of sanctions to go with already billions-worth of proposed trade tariffs according to NKC Research.
Solid Chinese credit growth data for August and surprisingly disappointing US producer inflation figures for August supported the rand’s strength, but traders were also cautious ahead of tomorrow’s eurozone monetary policy announcement and the release US consumer inflation data.
At the close of local trade, the rand quoted 0.4 percent stronger at R15.02/$, after trading in the range of R14.98/$ - R15.17/$. The rand traded slightly stronger overnight. Expected range today R14.75/$ - R15.15/$.
South African bourse
The JSE All Share (-0.4 percent) ended lower yesterday dragged by losses in large general retail (-1.6 percent) and industrial (-1%) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.1 percent) traded higher. In local news, MTN (-2.8 percent) shares remained tilted to the downside after Nigeria’s central bank and the attorney general accused the telecommunications giant of illegally repatriating funds and failing to pay the back taxes.
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