MARKET WRAP: Rand hits best level since 2019 as most EM currencies edge up

The rand reached its best intraday level to the dollar since February 6 2019 on Wednesday, as most emerging-market (EM) currencies gained in risk-on trade.

However, external risks to the local currency exist, with the US expected to release its latest labour data on Friday. If the numbers are good, indicating a normalisation in economic activity, the spectre of higher interest rates comes ever closer…