#RandReport: Rand firms on weaker dollar, stocks fall

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%.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rand firms in mild emerging-market recoveryThe local currency is slightly stronger against the pound on Monday morning, amid reports that UK Prime Minister Theresa May may be on her way out
Source: BDliveSA - 🏆 12. / 63 Read more »

Rand remains flat as market waits for US FedThe US Federal Reserve's monetary policy decision later is keeping markets cautious
Source: BDliveSA - 🏆 12. / 63 Read more »