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South African rand firmer against dollar, seen on backfoot
South Africa’s rand was slightly firmer against the U.S. dollar on Monday after “productive” Sino-U.S. trade negotiations helped forge a cautious, risk-on mood.
* The rand traded at 14.9150 versus the greenback, as of 0513 GMT, 0.13% stronger compared with its overnight close.
* While a deal still looked elusive following talks between the United States and China last week, both sides later published positive statements and the U.S. Trade Representative’s office described the talks as “productive”.
* However Peregrine Treasury Solutions said in a note that while the rand was firmer than a session’s low reached overnight, it was still starting the week on the “backfoot” as investors waited for more clarity over the U.S.-China talks. Shares across Asia also slipped on Monday.
* “There is very little support for the currency between [its current] level and R15.00 and a range of R14.86 to R14.98 is on the cards for Monday,” Peregrine’s note said.
* Government bonds strengthened, with the yield on benchmark 2026 instrument dipping 1.5 basis points to 8.280%.
Source: Reuters
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