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Markets

South Africa's rand weakens on US-China trade deal doubts

The rand was 0.16pc weaker at 14.7760 per dollar versus an overnight close of 14.7350. Bonds were also weaker,
Published November 28, 2019
  • The rand was 0.16pc weaker at 14.7760 per dollar versus an overnight close of 14.7350.
  • Bonds were also weaker, with the benchmark paper due in 2026 adding 2 basis points to 8.45pc.
  • Largely ignoring local signals of an increasingly weak economy and fiscal position.

JOHANNESBURG: South Africa's rand weakened in early trade on Thursday on doubts around the trade deal between Washington and Beijing.

By 0620 GMT, the rand was 0.16pc weaker at 14.7760 per dollar versus an overnight close of 14.7350.

Largely ignoring local signals of an increasingly weak economy and fiscal position, the rand has moved in-step with swings in sentiment driven by the tariffs tussle between China and the United States.

US President Donald Trump on Wednesday signed into law legislation supporting Hong Kong protesters, prompting an angry response from China warning it would take "firm counter measures".

That dimmed the ray of optimism around the deal and hurt risk demand, as investors sought out safe-heaven currencies and assets.

The closure of US markets for the Thanksgiving holiday is also likely to keep the rand on the backfoot in low volume trade.

Bonds were also weaker, with the benchmark paper due in 2026 adding 2 basis points to 8.45pc.

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