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Rand firms as Fed cut bets spur buying, stocks steady

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At 1600 GMT the rand was 0.4% firmer at 14.7650 per dollar, retreating from a session-best 14.6700, but still its firmest level since 2 August.

JOHANNESBURG - The rand rallied to a 5-week high on Monday on global demand for riskier assets as investors bet the United States central bank would cut lending rates next week.

Powell’s remarks came as the Chinese central bank moved on Friday to cut how much cash banks must hold in reserve, releasing liquidity to shore up an economy hit by the Sino-U.S. trade conflict. The bourse wobbled after e-commerce giant Naspers slipped 1% to R3528.34 and gold stocks shed 5.01% as investors ditched the safe-haven asset.

 

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