JOHANNESBURG - The South African rand inched weaker on Wednesday, backing away from a four-session peak as cautious investors awaited clues on the economy ahead of key manufacturing data and developments in US-China trade talks.
The rand has gained nearly 3% since Friday after ratings firm Moody’s kept the country’s credit status at the investment level, while a global bout of demand for risk assets also supported the currency. On the bourse, stocks reached 2-month highs along with global equities as investors digested a corporate earnings season that has seen the bulk of US-listed firms best analysts’ expectations.
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MARKET WRAP: JSE gains as markets eye US-China trade deal developmentsThe rand was the third worst performer among emerging-market currencies on the day
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