The rand gave up earlier gains against major global currencies on Monday afternoon, amid a mixed performance by emerging-market currencies, and despite generally positive sentiment on global markets.The risk-on tone on world markets follows weaker-than-expected US data last week, which has cast some doubt as to the pace of US Federal Reserve monetary-policy normalisation.Fears of a full-blown trade war between the US and China have also eased somewhat, after US President Donald Trump tweeted on Sunday that he had issued instructions to end a ban on US exports to Chinese telecoms giant ZTE.The instruction comes a month after these sanctions, and as US and Chinese officials continue trade discussions."Many policy makers will criticise such a reversal, but from an investor’s perspective, it’s a sign of easing relations between the world’s two largest economies, and should support risk-taking," FXTM chief market strategist Hussein Sayed said.Global markets were also slightly cheered by ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.