The South African rand rallied on optimism that efforts to create a broad coalition government were on track, making it one of few emerging currencies to post gains over a first half characterised by increased geopolitical risks.
“On confirmation of the cabinet announcement, we expect further gains in South African assets, broadly,” said Razia Khan, chief economist for Standard Chartered Bank. While traders sought to gauge the implications of Thursday’s US presidential debate — and the impact of former president Donald Trump’s potential return to the White House on the economy and the dollar — the focus will shift later on Friday to the release of the US Federal Reserve’s preferred inflation gauge for signals about monetary policy outlook.
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