Rand hits near 6-week best as dollar falls, stocks down

JOHANNESBURG - The rand firmed on Tuesday, supported by a retreating dollar, which was shackled by a combination of weak US economic data and gains in commodity-linked currencies.BNP Paribas South Africa senior economist Jeff Schultz said easing concerns about the US-China trade tensions and fewer concerns over a global economic slowdown had played a part in current rand gains.

With interest rates steady and inflation moderate, the currency offers one of the most attractive spreads to US dollar and other low yield currencies, making it a target for carry traders. Trader Ryan Woods, of Independent Securities, however pointed out that gold stocks at least were looking “a little better”, with the underlying price up half a percent.

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Business Maverick: Namibia Commits to Rand Peg as Economy Limps Out of SlumpNamibia is ruling out dropping its currency peg with the South African rand “unless something very drastic happens,” given the close trade links to its larger neighbour and the drive by the world’s biggest producer of marine diamonds to recover from a two-year recession. Surprised(not really), that the ANCorrupt, hasn't called RandrANC(i)d .
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Rand gains on slow US wage growth, stocks upAt 1530 GMT the rand was 0.32% firmer at 14.0675 per dollar from 14.1125 on Thursday.
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