JOHANNESBURG - The rand edged weaker on Tuesday, losing momentum as the dollar surged and the appeal of the local currency waned after the International Monetary Fund cut its growth forecast for Africa’s most industrialised economy.
Globally, the IMF expects GDP to grow 3.2%, while economic growth in sub-Saharan Africa is seen at 3.4%. Bonds also weakened, with the yield on the benchmark 2026 government issue up 4 basis points to 8.07%. Markets are focusing on the European Central Bank , which is expected to cut a key rate by 10 basis points on Thursday, and next week the Federal Reserve is forecast to cut its benchmark rate by 25 basis points.
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