Rand firms as US-China trade tension eases

The rand was firmer against major currencies on Friday, with risk appetite boosted by the US and China committing to implement phase one of the trade deal they signed in January. This led to much relief in the markets.

Earlier in the week, US President Donald Trump threatened new tariffs as a retaliatory measure over Beijing’s handling of the coronavirus pandemic. The uncertainty over the renewed trade war between the world’s largest economies led to investors being cautious.