#RandRreport: Rand firms as trade optimism lifts emerging markets

JOHANNESBURG - The rand firmed on Friday as demand for emerging market currencies lifted on reports that China and the United States had made more progress in their trade talks.Chinese Vice Premier Liu He spoke by telephone with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer, with the two sides making further substantive progress on trade talks, Xinhua news agency said on Friday.

The rand fell on Thursday after data showing that output in two key industrial sectors of mining and manufacturing remained weak. “These are currently not good odds for the rand,” Commerzbank analysts said in a note. “Above all, the uncertainty about the rating review on 29 March is likely to lead to increased nervousness on the markets and thus to stronger fluctuations in ZAR exchange rates.”

On the bourse, the Top-40 index closed 0.4% higher at 49,684 points while the broader all-share rose 0.45% to 56,040 points. Multichoice topped the gainers’ list on the Top-40 index, jumping nearly 5% after fund manager Allan Gray up stake in the pay-TV company to 5.5%.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

#RandReport: Rand firms in subdued start for emerging marketsAt 0700 GMT the rand was 0.05% firmer at 14.4275 per dollar, moving higher in tandem with Asian peers in subdued volumes.
Source: ewnupdates - 🏆 30. / 53 Read more »

#RandReport: Rand weaker before next Brexit showdownAt 15:05 GMT the rand was trading at 14.4050 per dollar, 0.42% weaker than its New York close of 14.3450 on Tuesday.
Source: ewnupdates - 🏆 30. / 53 Read more »

Rand firms in subdued start for emerging marketsWith local mining, manufacturing and business confidence data due later this week, the rand is set to take its lead from the British parliamentary vote on Tuesday on whether to go ahead with the country’s exit plan from the European Union.
Source: ewnupdates - 🏆 30. / 53 Read more »