JOHANNESBURG - South Africa’s rand raced to a five-week high and government bonds firmed on Thursday after the US Federal Reserve signalled possible interest rate cuts later this year, sending the dollar and US Treasury yields lower.
In fixed income, the yield on the benchmark government bond due in 2026 dipped 11 basis points to 8.07%. “After the market has digested the signals from the Fed more or less, the President’s State of the Nation Address should come into focus for the rand in the evening,” Commerzbank analysts wrote in a note.
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