JOHANNESBURG - The rand strengthened on Wednesday as hopes of a trade deal between the United States and China bolstered risk appetite globally, while stocks also strengthened in line with global market optimism.
Demand for emerging-market currencies grew after the Financial Times reported China and the US had resolved most of the issues standing in the way of a trade deal. The rand was hovering close to a one-month high of 14.0750 reached on Tuesday after Moody’s struck a surprisingly positive note in a credit opinion, following the agency’s decision on Friday to delay a review that might have removed South Africa’s last investment-grade rating.
“It’s all up, it’s up by 800 points. If there’s a deal, people that will benefit are the emerging markets,” said Greg Davies, an equities trader at Cratos Capital.
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#RandReport: Rand slides alongside EM currencies, stocks steadyAt 1548 GMT, the rand was 0.27% weaker at 14.6450 to a dollar.
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#RandReport: Rand, stocks edge higher ahead of Moody's reviewStocks strengthened, led by banks and retailers on expectations Moody’s would not downgrade its Baa3 rating on South Africa.
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