The rand was weaker on Friday morning, suggesting a degree of consolidation after a fairly strong performance over the past 24 hours. The local currency was almost 2% stronger against the dollar on Thursday despite wobbly commodity prices and a strong dollar, which drew strength from upbeat US data. The platinum price was down 2% to about $927/oz, pressured by the strong dollar following better than expected US private sector jobs report, which backed the case for a US interest rate increase in June. "The magnitude of the rand’s strength is puzzling as there is no single core reason to justify the significant and rapid movement," TreasuryOne currency dealer Phillip Pearce said in a note. The rand’s outperformance came as ratings agency Fitch affirmed SA’s subinvestment grade rating and ahead of Moody’s decision. Moody’s is expected downgrade the country’s debt rating by at least one notch. "Fitch’s affirmation of credit rating is positive. It indicates that [the] situation in SA, ac...
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