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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