The rand was softer against major global currencies shortly before midday on Friday, but was relatively range-bound as the markets waited for Moody’s and SP Global Ratings to deliver their long-awaited determinations on SA’s creditworthiness. The agencies are widely expected to leave SA’s local currency ratings where they are for now, but should this not be the case "Black Friday might spill into the currency market and we will be in for an interesting time", said TreasuryOne dealer Gerard van der Westhuizen. Analysts maintain that the market has already partially priced in a downgrade, but say the agencies may wait until next year, when there is greater clarity on the economic policy priorities of the ANC. Volumes are also expected to be somewhat subdued, with it being only a half-day for markets in the US. The rand had barely moved on Thursday, despite the Reserve Bank adopting a hawkish tone. Bank governor Lesetja Kganyago cited, among other things, risks to the rand and policy u...
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