Rand snaps five-day losing streak amid global stimulus hopes

The rand recovered slightly on Monday morning, in line with its emerging-market peers amid the hope that central banks will consider stimulus measures to curb the effects of the coronavirus.

The rand snapped its five-day losing streak on Monday morning, firming more than 1% in intraday trade. Global markets have been on the front foot after the US Federal Reserve hinted at the likelihood of an interest-rate cut to mitigate the effects of the virus. A rate cut from the US Fed gives additional space for the SA Reserve Bank to also cut rates.