JOHANNESBURG - The rand fell on Tuesday, ending a rally that had seen the currency breach a key technical mark, amid cooling demand for emerging-market currencies that had been fuelled by optimism over US-China trade talks.At 1508 GMT, the rand was 0.43% weaker at 13.8850 per dollar, compared to a close of 13.8250 on Monday.The rand has traded below the psychologically significant 14.
“With easing trade tensions seen to be stimulating risk appetite and the dollar likely to weaken further on Fed rate pause expectations, the South African rand, like many other emerging market currencies, has scope to appreciate further,” Lukman Otunuga, research analyst at FXTM, said in a note.“In regards to the technical picture, technical traders will continue to closely observe how the USDZAR behaves around the 13.800 level.
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