The rand held onto its gains against major global currencies on Friday afternoon, with the market waiting for a statement from ratings agency Moody’s. Most analysts believe Moody’s — the sole agency to keep SA’s sovereign credit rating above junk status — will not downgrade SA further. The tone and commentary from Moody’s will be closely watched, amid expectation that it could be a temporary reprieve. Gold and platinum prices were higher, which 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 have led to broad declines on global equity markets. "Understandably‚ the prospect of a trade war between the world’s two largest economies is not particularly desirable for investors‚" said Oanda senior market analyst Craig Erlam. At 3pm, the rand was at R11.7631 to the dollar from R11.8493, R14.5133 to the euro from R14.5849, and at R16.6266 to the pound from R16.7047. The euro was at...
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