Rand a little firmer after tumultuous week
The rand was marginally firmer against major global currencies, on track for its best week since January.
A decision by Moody’s Investors Service not to review SA’s credit rating has boosted the local currency this week, while global conditions have also been favourable.
Positive Chinese data, as well as signs of progress in US-China trade talks, has boosted sentiment. On Thursday, US President Donald Trump said a trade deal with China was about four weeks away, although he did not announce a date for a summit with Chinese President Xi Jinping, reported Dow Jones Newswires.
Chinese markets are closed on Friday, with the main event coming at 2.30pm SA time with the release of US nonfarm payrolls numbers for March.
At 9.30am the rand was 0.24% firmer at R14.0895/$, 0.19% up at R15.8184/€ while remaining flat at R18.4536/£. The euro was flat at $1.1227.
While volatility has been the status quo, this week the local currency has remained surprisingly stable, with a bias towards strength, said Peregrine Treasury Solutions corporate treasury manager Bianca Botes.
“With national elections being a mere five weeks away, one would have expected a bit more sensitivity to local factors than what we are currently witnessing,” said Botes. Volatility, however, should increase as election day moves closer..
Source: businesslive.co.za