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Rand, stocks boosted by global risk-on sentiment

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JOHANNESBURG - The rand firmed on Monday as bets the Federal Reserve will cut interest rates next week continued to boost the currency in the absence of any local economic drivers, on a day dominated

by ex-president Jacob Zuma’s testimony at a graft inquiry.Investors expect the Fed to reduce its key rate by 25 basis points and make another cut in September. Lower yields in the United States boosts demand for riskier high yielding assets like the rand.

“Some of that momentum will start to dissipate and it may well require a fresh catalyst of sorts to assist the rand in making back more lost ground,” analysts at Investec said in a note. Zuma, who was pushed out by the governing African National Congress in February 2018 and replaced by President Cyril Ramaphosa, is seen to still to yield power inside the party, particularly with the faction opposing Ramaphosa’s reform agenda.On the bourse, stocks rose following encouraging production data out of China on Monday boosting emerging markets.

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