The rand was firmer against major global currencies on Thursday afternoon, bolstered by stronger prices for some commodities.Global market focus is on trade-war issues, with US President Donald Trump widely expected to announce the imposition of 25% tariffs on $200bn worth of Chinese imports later on Thursday."This would represent a significant ramping up of the trade war between the world’s two largest economies and show the US electorate ahead of the mid-terms that he will not shy away from his strategy, regardless of the warnings against doing so," Oanda analyst Craig Erlam said.The rand has been caught up in general pressure on emerging markets this week, but the local currency has also reacted badly to news SA entered a technical recession in the second quarter.Local focus has now turned to how the government will rein in its budget deficit, with the weaker rand reflecting investor concern that ratings agency Moody’s is now more likely to downgrade SA’s debt to junk status.Mood...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now