JOHANNESBURG - South Africa’s rand firmed on Monday, gaining alongside other emerging market currencies as concerns over a possible recession in the United States dented the dollar.
Most developing world currencies firmed on Monday as the dollar took a back seat after the US yield curve inverted on Friday for the first time since mid-2007, the strongest indication of a possible recession for the world’s largest economy. “The decision by Moody’s is far more touch-and-go as market participants continue to debate whether South Africa’s metrics have deteriorated enough to warrant a downgrade in its sovereign outlook,” RMB analyst Nema Ramkhelawan-Bhana said in a note.
Bonds also firmed, with the yield on the benchmark paper due in 2026 falling 4 basis points to 8.71%.
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