JOHANNESBURG - South Africa’s rand firmed on Thursday, bucking a risk-off trend in global markets, but equities were pulled lower on weak Chinese data and doubts about whether Beijing and Washington will reach a trade deal anytime soon.“Although investor appetite towards riskier assets continues to be strained by fading trade optimism and global growth concerns, this is not being reflected in the rand today,” Lukman Otunuga, senior research analyst at FXTM said in a note.
“Given how the local currency remains buoyed....further upside could be on the cards in the near term,” he added. Doubts about whether the United States and China will be able to reach a preliminary trade deal once again resurfaced after the Wall Street Journal reported Beijing rebuffed a farm purchase deal that looked one-sided in favour of the United States.
“The rand’s medium to longer-term outlook is poised to be influenced by not only domestic data but external drivers in the form of the Dollar’s valuation, US rate cut expectations and most importantly trade developments,” Otunuga said.Among the biggest decliners on the blue-chip index were Anglo American Platinum , which fell 2%, and telecoms major MTN Group Ltd, which dropped 1.85%.
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.
Source: ewnupdates - 🏆 30. / 53 Read more »
WATCH: How the rand has settled since the Moody’s decisionRMB global markets strategist John Cairns talks to Business Day TV about what lies ahead for the local currency
Source: BDliveSA - 🏆 12. / 63 Read more »
MARKET WRAP: Rand could be headed for second week of gainsOn the day, however, the JSE closed a little lower as global markets fell after the US Fed chair played down chances of further interest-rate cuts
Source: BDliveSA - 🏆 12. / 63 Read more »