Rand firms despite Donald Trump’s trade tariffs and impending decision by Moody’s
The rand was firmer against major global currencies shortly before noon on Monday, brushing off global risk concerns.Gold and platinum prices were higher, something that is generally rand-supportive, as investors sought safe-haven assets and as the dollar came under pressure.Concerns about a trade war between the US and China sent markets into a tailspin on Thursday, with the latter already retaliating by putting tariffs on US goods, including aluminium and pork.China’s decision not to target big-ticket items from the US, such as Boeing aircraft and soybeans, did point to that country keeping some cards close to its chest, analysts said.Local focus is squarely on an expected credit-ratings announcement from Moody’s, although most market-watchers do not believe the agency will downgrade SA to junk status.Moody’s would likely emphasise the need to keep government spending under control and also better management at state owned enterprises, said TreasuryOne head of currency dealing Wic...
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